Another Disastrous Jobs Report Lands on Biden’s Desk

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Posted: Jan 07, 2022 9:20 AM
Another Disastrous Jobs Report Lands on Biden’s Desk

Source: AP Photo/Andrew Harnik

Another disastrous job report dropped on Friday morning with predictions of new growth missing by hundreds of thousands. Economists predicted 442,000 positions would be created. The number came in at just 199,000. 

"Total nonfarm payroll employment rose by 199,000 in December, and the unemployment rate declined to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in leisure and hospitality, in professional and business services, in manufacturing, in construction, and in transportation and warehousing," the Department of Labor released Friday morning. "The labor force participation rate was unchanged at 61.9 percent in December but remains 1.5 percentage points lower than in February 2020. The employment-population ratio increased by 0.2 percentage point to 59.5 percent in December but is 1.7 percentage points below its February 2020 level. Over the year, these measures have increased by 0.4  percentage point and 2.1 percentage points, respectively." 

CNBC is calling the numbers "another big miss." 

Meanwhile, the Biden administration continues to smother the private sector with burdensome regulations, including vaccine mandates which are causing a worker shortage.