The Trump economy was coming back strong. But under Biden, the economy has hit an iceberg. Last month’s jobs numbers were so bad and so under the Biden’s team’s anticipations that it was said to be the worst miss in the history of the jobs report.
They said one million new jobs would be reported. It ended up being 266,000. Unemployment went up by 6.1%. Plus, the past month’s increases were revised down.
The slow move of job growth is thought to be because, partially at least, the unemployment benefit extension. It is possibly also because parents are unable to return to work, since some schools have not yet restarted in person classes — both problems that Biden had a hand in. And both problems are likely still harming people.
May’s job reports are being released this Friday, and given how bad numbers were in April, May might not reveal the growth that Biden wants to support his economic agenda.
Some early signals show that jobs are not coming back strong. The Real-Time Population Poll, a tool supported by the Dallas Fed that seeks to measure unemployment changes more effectively than the Labor Department, reported a labor slowdown in May, with employment going down to 71.1 percent from 71.8 percent the month previous.
And while new applications for unemployment benefits steadily fell each week, ongoing claims, or the number of people who refile, is staying at about the same level as early April.
If Joe Biden gets another bad report, that might spell huge trouble for him after his last terrible report and be a sign of long term problems. “It’s the economy, stupid” is always the crucial saying in the minds of the voters — and if it gets hit again, it will start hurting Biden’s approval.
Author: Scott Dowdy