The American economy added just 194,000 private payroll positions in September, falling far below expectations that predicted upwards of 500,000 new jobs as the country struggles to recover amid the COVID pandemic.
“Nonfarm payrolls rose by just 194,000 in the month, compared to the Dow Jones estimate of 500,000, the Labor Department reported Friday. The unemployment rate fell to 4.8%, better than the expectation for 5.1% and the lowest since February 2020,” reports financial website CNBC.
“The headline number was hurt by a 123,000 decline in government payrolls, while private payrolls increased by 317,000. The drop in the jobless rate came as labor force participation edged lower. A more encompassing number that includes discouraged workers and those holding part-time jobs for economic reasons fell to 8.5%, also a pandemic-era low,” adds the outlet.
“Labor shortages are continuing to put severe upward pressure on wages … at a time when the return of low-wage leisure and hospitality workers should be depressing the average,” said Andrew Hunter, a top U.S. economist at Capital Economics.
“After looking like almost a done deal, today’s jobs number has thrown expectations for tapering into disarray. The Fed doesn’t seem to need much to convince it that tapering should begin imminently, but at just 194,000, jobs numbers are suggesting that the labor market is further from hitting the substantial progress goal than they expected,” added another industry insider.
Read the full report at CNBC.
BIDEN'S INFLATION NATION: Inflation Rate Jumps, Highest Since 2008, Prices Up 5.4% in June
The inflation rate in the United States jumped to 5.4% in June as prices for consumer goods soared; posting the fastest pace since 2008 while the economy struggles to recover from the COVID-19 shutdown.
“The Labor Department said last month’s consumer-price index increased 5.4% from a year ago, the highest 12-month rate since August 2008. The so-called core price index, which excludes the often-volatile categories of food and energy, rose 4.5% from a year before,” reports the Wall Street Journal.
U.S. consumer prices rose 5.4% in June from a year ago, keeping inflation at the highest annual rate in 13 years as the economic recovery gained steam https://t.co/HbP9VXcWMp
— The Wall Street Journal (@WSJ) July 13, 2021
“The index measures what consumers pay for goods and services, including clothes, groceries, restaurant meals, recreational activities and vehicles. It increased a seasonally adjusted 0.9% in June from May, the largest one-month change since June 2008. Prices for used cars and trucks leapt 10.5% from the previous month, driving one-third of the rise in the overall index, the department said. The indexes for airline fares and apparel also rose sharply in June,” adds the newspaper.
Read the full report here.
BIDEN: Massive $3.5T Spending Package Will ‘Save the Planet’ and ‘Reduce Inflation’
President Biden pushed his massive $3.5 trillion spending package this week as the proposal stalls in Congress, claiming the bill will “save the planet” and “reduce inflation.”
“Create industries of the future, to win the future, to save the planet. We can do this. This is the United States of America… Never have we failed to meet an objective we set. What’s happening now, is that we’ve set a goal. The goal is achievable,” said Biden.
“I promise you it’s going to create great economic growth, reduce inflation, and put people in a place where people will never have to worry about what we’re worrying about right now,” he added.
Biden on his $3.5 trillion infrastructure/climate bill: It will "create great economic growth, reduce inflation." pic.twitter.com/Wqo4pnV47j
— Tom Elliott (@tomselliott) September 14, 2021
President Biden’s approval rating dropped to new lows this week over a series of self-inflicted crises impacting the country, including the southern border, Afghanistan, inflation, slow job growth, and his handling of the pandemic.
The new statistic is a six point decrease from a poll conducted in August.
“Thirty-six percent of independents approve of the job Biden is doing, compared to 55 percent who disapprove. Meanwhile, 85 percent of Democrats approve of Biden’s job handling, compared to 13 percent who disapprove,” adds the outlet.
Watch the President’s comments above.