President Biden is expected to address the American people Friday after a lackluster August Jobs Report fell far below expectations, raising new questions over the economic recovery under his leadership.
“Hiring slowed sharply in August, with the economy adding just 235,000 jobs – well below the 728,000 gain forecast by Refinitiv economists as employers pulled back on hiring during a spike of COVID-19 infections driven by the highly contagious delta variant. It marked a surprising slowdown after solid gains of 1.1 million in July and 962,000 in June, the Labor Department said on Friday,” reports Fox News.
“As coronavirus cases spiked and Americans pulled back on spending, hiring in the leisure and hospitality sector – which includes restaurants, bars and hotels – fell to zero last month, after previously driving job growth,” adds Fox.
A new survey from Morning Consult spells more bad news for Joe Biden, with roughly 6 in 10 saying the country has “seriously gone off on the wrong track.”
“The study, conducted from Saturday to Monday, found that 61 percent of respondents believe the country is on the wrong track, compared to just 39 percent who say the country is ‘going in the right direction,’” reports The Hill.
“The survey also found a record-low overall approval rating for Biden at 47 percent, with 49 percent saying they disapproved of the president’s job performance overall,” adds the website.
Read the full report at Fox News.
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.
CARTER PART II: Border Encounters Hit ‘New Monthly High’ as Inflation Hits Levels Not Seen in 28 Years
Two new reports released Thursday spell big trouble for the Biden administration as the number of “border encounters” and inflation each reach record highs.
“Border officials encountered the highest number of people seeking to cross the U.S.-Mexico border this year in May, with encounters hitting 180,034, up slightly from 178,854 in April,” reports the Hill.
— The Hill (@thehill) June 10, 2021
New data released by the Federal Government Thursday is raising more fears over massive spending with documents showing the rate of inflation rose at the fastest pace since 1993.
“The consensus forecast for the core consumer price index, which excludes food and energy, is 3.5% on a year-over-year basis, according to Dow Jones. That’s the fastest annual pace in 28 years,” reports CNBC.
— jeroen blokland (@jsblokland) June 10, 2021
“It will be hot. It could be up to 5%,” said Diane Swonk, chief economist at Grant Thornton. “The worst of the heat is going to be the second quarter in terms of headline. It will be interesting to see what it looks like when you strip out the extremes. I think we’re still going to have a warm summer when you have surge pricing kicking in for everything from airfares to hotels.”