Weak August Jobs Report Is Further Proof Of Economic Recession

The August jobs report is out and it’s not great. In fact, it’s downright weak.

The Biden White House continues to insist that we are not in a recession, but this is just further proof that that simply is not true.

Of course, the media is still trying to massage the message to protect Biden.

Note how carefully worded this is.

From CNBC:

Private payrolls grew by just 132,000 in August, ADP says in reworked jobs report

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Companies sharply slowed the pace of hiring in August amid growing fears of an economic slowdown, according to payroll processing company ADP.

Private payrolls grew by just 132,000 for the month, a deceleration from the 268,000 gain in July, the firm said in its monthly payroll report.

The Dow Jones estimate for the ADP count was 300,000.

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“Our data suggests a shift toward a more conservative pace of hiring, possibly as companies try to decipher the economy’s conflicting signals,” said ADP’s chief economist, Nela Richardson. “We could be at an inflection point, from super-charged job gains to something more normal.”

August payroll numbers are notoriously volatile. ADP’s release also comes at an uncertain time for a U.S. economy which saw negative growth for the first half of 2022 amid the highest inflation the nation has seen since the early 1980s. The more closely watched nonfarm payrolls report from the Bureau of Labor Statistics comes out Friday and is expected to show an increase of 318,000.

Weeks ago, Biden pointed to job creation to ‘prove’ we’re not in a recession. What does he say now? He can’t have it both ways.

Biden is a disaster. Almost especially for jobs and the economy.

 

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