The August jobs report has come out and it is a major disappointment.
The expectation was for over 700,000 jobs to be created and the actual number is just over 200,000.
This is on Joe Biden. He would be taking credit if the report was good news. He also gets the credit for bad news.
Jobs report disappoints — only 235,000 positions added vs. expectations of 720,000
Job creation for August was a huge disappointment, with the economy adding just 235,000 positions, the Labor Department reported Friday.
Economists surveyed by Dow Jones had been looking for 720,000 new hires.
The unemployment rate dropped to 5.2% from 5.4%, in line with estimates.
August’s total — the worst since January — comes with heightened fears of the pandemic and the impact that rising Covid cases could have on what has been a mostly robust recovery. The weak report could cloud policy for the Federal Reserve, which is weighing whether to pull back on some of the massive stimulus it has been adding since the outbreak in early 2020.
“The labor market recovery hit the brakes this month with a dramatic showdown in all industries,” said Daniel Zhao, senior economist at jobs site Glassdoor. “Ultimately, the Delta variant wave is a harsh reminder that the pandemic is still in the driver’s seat, and it controls our economic future.”
Biden's "Build Back Better" economy missed monthly expectations by 500,000 jobs in August, coming in below even the low end of economists' predictions.https://t.co/WkQKEIlCs8
— Spencer Brown (@itsSpencerBrown) September 3, 2021
Even CNN admitted this is bad.
CNN on the August jobs report "a BIG disappointment" and a "big miss." pic.twitter.com/lSSVA7O8oW
— House Republicans (@HouseGOP) September 3, 2021
Biden tried to blame COVID.
Biden just blamed the Delta variant for his disastrous August jobs report.
At least he hasn't tried blaming Trump yet… pic.twitter.com/uCpoQLcBUk
— Benny (@bennyjohnson) September 3, 2021
It’s bad news for the country.