August jobs report was “a huge disappointment” under President Biden’s watch with 235,000 jobs added in August, well below expectations of 720,000 jobs.
Missing expectations by about 500,000 jobs is clearly a big miss.
CNN: August jobs numbers a “huge disappointment” pic.twitter.com/tnxpPFikuu
— RNC Research (@RNCResearch) September 3, 2021
The unemployment rate is 5.2 percent versus 5.4 percent in July.
Biden insisted his plan “is working.”
Following news of the dismal jobs numbers, President Biden did a brief address at the White House where he pushed for more federal spending and blamed the virus for the miss.
New York Post reports:
President Biden on Friday pinned the blame for disappointing monthly job-growth figures on the Delta variant of COVID-19 — using the report to urge Congress to pass his proposals for $4.7 trillion in new federal spending.
Critics commented about the jobs report on social media.
Economists projected 720,000+ jobs would be added in August.
In reality, 235,000 jobs were added.
This is Joe Biden’s Anemic Economy.
— Lauren Boebert (@laurenboebert) September 3, 2021
The unemployment gap between white and black Americans widened in August with the black unemployment rate rising to 8.8 percent versus 8.2 percent the previous month.
Black unemployment jumped to 8.8 percent, up from 8.2 percent in August. The white unemployment rate went the other way: falling to 4.5 percent from 4.8 percent. As a result, black unemployment is almost twice the white rate.
Critics slammed the black unemployment numbers.
Black unemployment rate INCREASED to 8.8% in August, for Black men INCREASED to 9.1%, for Black women INCREASED to 7.9%, Black youth (16-19 years old) INCREASED to 17.9% in August. This is a terrible jobs report and no amount of spin from the White House can change that fact.
— Carrie Sheffield (@carriesheffield) September 3, 2021
Jobs Report Disaster
Details are even more disappointing.
Black unemployment rate surged to 8.8% from 8.2%. This would be top story/take if Trump were in office but won't be mentioned anywhere today (Powell will take note).
0 Leisure jobs
— Charles V Payne (@cvpayne) September 3, 2021
— Kimberly Klacik (@kimKBaltimore) September 3, 2021
We are going back to the Obama years for black unemployment. Where are all the woke folks talking about how good Biden is for the black community? https://t.co/YBW6gNYh0k
— Jeffery A Dove Jr. (@JefferyADoveJr) September 3, 2021
The disappointing jobs report is a sign Biden’s economic plan is not working as planned.
The biggest concern is stagflation where there is high inflation and slow economic growth.
Following the jobs report, financial news outlets were discussing the possibility of stagflation.
The Hill reports:
Today, with inflation rising to levels last seen 30 years ago and with unemployment remaining stubbornly high amid the COVID-19 pandemic despite massive policy stimulus, we may again be entering a prolonged period of stagflation that would merit the return of the misery index.
Stagflation hammers the middle class because high unemployment combined with high inflation drives prices up.
Following Biden’s disastrous withdrawal from Afghanistan, the president needs a boost but it’s not coming from the August jobs report.
Consequently, Biden’s sinking job approval is likely to continue.