THANKS BRANDON: December 2021 Jobs Report Is Another Massive Dud

The December 2021 jobs report is out and once again, the numbers are terrible.

It’s ironic that the report came out the day after Biden and Democrats wasted an entire day obsessing about January 6th. It’s too bad Biden can’t put so much energy into working on the economy.

The unemployment rate went down, but that’s just because so many people have dropped out of the workforce.

CNBC reports:

Hiring falters in December as payrolls rise only 199,000, though the unemployment rate fell to 3.9%

The U.S. economy added far fewer jobs than expected in December just as the nation was grappling with a massive surge in Covid cases, the Labor Department said Friday.

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Nonfarm payrolls grew by 199,000, while the unemployment rate fell to 3.9%, according to Bureau of Labor Statistics data. That compared with the Dow Jones estimate of 422,000 for the payrolls number and 4.1% for the unemployment rate.

Stock market futures edged lower after the report, while bond yields were in positive territory though off their highs of the morning. Major indexes turned mixed in early afternoon trading, with the Dow up more than 50 points but tech stocks holding back the Nasdaq and S&P 500.

Job creation was highest in leisure and hospitality, a key recovery sector, which added 53,000. Professional and business services contributed 43,000, while manufacturing added 26,000…

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“The new year is off to a rocky start,” wrote Nick Bunker, economic research director at job placement site Indeed. “These less than stellar numbers were recorded before the omicron variant started to spread significantly in the United States. Hopefully the current wave of the pandemic will lead to limited labor market damage. The labor market is still recovering, but a more sustainable comeback is only possible in a post-pandemic environment.”

Biden has been president for a year now. This is all on him.

Another big miss. That should be Biden’s new campaign slogan.


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