The jobs report is out and Joe Biden can’t hide from ‘dismal’

By Monica Showalter

Joe Biden is out gaslighting again and the room is starting to stink:

With today’s report of 175,000 new jobs, the great American comeback continues.

I had a plan to turn our country around and build our economy from the middle out and the bottom up.

With well over 15 million jobs created since I took office, we are seeing that plan in action. pic.twitter.com/DrtwJ0VkMN

— Joe Biden (@JoeBiden) May 3, 2024

Actually, the job figures from the Labor Department’s monthly employment are dismal, or as is said in the markets, well below expectations.

According to the New York Post:

US employers increased their payrolls by 175,000 in April — a notable slowdown from the average 276,000 new jobs per month created so far this year.

…and…

April’s job growth figure fell short of the 240,000 roles analysts were predicting — suggesting the possibility that the economy could be headed towards a slowdown worthy of an interest rate cut.

The closely watched jobs report also showed that the unemployment ticked higher to 3.9%, up from the month-ago rate of 3.8%.

The Dow Jones consensus had anticipated unemployment to remain unchanged.

That’s a steep drop from the kinds of figures seen in recent months, which were no great shakes anyway, given the outsized numbers of jobs that went to immigrant, including illegal immigrant workers, and another large chunk going to government bureaucrat slots. The preponderance of news from the private sector has been about mass layoffs, Amazon dropping this many workers here, the Los Angeles Times dropping that many workers there, and businesses fleeing places like California, or restaurants shutting down.

Fact is, there’s an unmistakeable trend, particularly in permanent job losses, even as Biden touts the jobs numbers now:

Both permanent job losses (blue) and temporary layoffs (orange) picked up in April … former has been in steadier uptrend pic.twitter.com/4pET3TpNbV

— Liz Ann Sonders (@LizAnnSonders) May 3, 2024

Jobs, as any economist will tell you, are the last thing to hit an economy after a string of negative events and indicators, starting with the expansion of the money supply, creating inflation, and moving on to purchasing prices, business inventories, retail prices, consumer confidence, and other indices. Jobs are the culmination of what’s going on in an economy, and now the trend is unmistakeable — the Biden economy is abysmal and the voters were never wrong in saying the economy is bad, even as the likes of Paul Krugman and other Biden apologists gladly cited this or that data to argue that actually, the economy was doing great.

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