The most recent jobs report was released on Thursday morning, showing that 187,000 jobs were added in July. The unemployment rate of 3.5 percent, remains virtually unchanged from the 3.6 percent last month for June. Revisions were also made to show that there were 49,000 fewer jobs in May and June than initially reported.
However, as CNBC noted about the report, those numbers were below the Dow Jones estimate of 200,000 jobs. This, CNBC said is "pointing to slower growth in the U.S. economy, the Labor Department reported Friday."
Payroll employment rises by 187,000 in July; unemployment rate changes little at 3.5% https://t.co/ZwrVfLviqL #JobsReport #BLSdata
— BLS-Labor Statistics (@BLS_gov) August 4, 2023
Another takeaway is that there's a hiring slowdown, which could have a lot to do with how likely it is we'll experience another recession. "Between lower-than-expected payroll gains for July and downward revisions for prior months, hiring has been moderating. Last month saw the smallest number for hiring since December 2020. June and May saw total downward payrolls revisions of 49,000," an update from The Hill on the jobs report quotes Bankrate Senior Economic Analyst Mark Hamrick as saying.
Chief Economist Joe LaVorgna warned this morning on Fox Business that "recessionary crosswinds" are "still blowing."
Joe LaVorgna, the former chief economist for the National Economic Council, warns that “the trend of weaker growth and recessionary crosswinds, they are still blowing." pic.twitter.com/ZpiZSIEkK8
— RNC Research (@RNCResearch) August 4, 2023
Hamrick wasn't the only one who pointed to the slowdown. Alfredo Ortiz, the president and CEO of Job Creators Network (JCN) released a statement highlighting as much, also pointing to issues with Bidenomics and Bidenflation:
"Today's jobs numbers show that the labor market is softening in response to Bidenomics and Bidenflation. Job creation was below expectations and at the lowest level since the pandemic. In addition, previous months' employment growth was revised down by 49,000 jobs. Wages grew slower than core inflation, meaning Americans' real wages and living standards remain stagnant. These numbers come on the heels of this week's JOLTS report showing the fewest number of job openings and the fewest number of Americans quitting their jobs since the pandemic."
"Clearly businesses are facing enormous pressure in Biden's economy due to prolonged high inflation and the resulting rapid interest rate hikes. In one high-profile example, Yellow Corporation went out of business this week, laying off 30,000 employees. Job Creators Network's latest SBIQ nationwide poll of small businesses showed a significant drop in business sentiment as respondents continue to struggle with inflation and a lack of access to credit that's causing a credit crunch. In response to this Bidenomics, it's no surprise that Fitch downgraded the nation's credit rating this week."
RNC Chairwoman Ronna McDaniel also spoke to the failures of President Joe Biden's economic plan, sharing a prediction for what it could mean for the 2024 presidential election. "Bidenomics is simple: you pay more to get less. Families and small businesses, who are already failing to keep up with sky-high prices and falling real wages, are left to foot the bill as Biden bounces from vacation to vacation avoiding any accountability or responsibility for his failed economy. Come next fall, Americans will choose commonsense over crazy and vote Biden out," she said in a statement.
Fox Business' Charles Payne also spoke to concerns in that "hours worked, abysmal, down dramatically" and with the most meager of improvements.
Fox Business's @cvpayne notes that "hours worked, abysmal, down dramatically" as Americans' weekly income is outpaced by inflation. pic.twitter.com/yZeDbbcyF5
— RNC Research (@RNCResearch) August 4, 2023
That 3.5 percent were unemployed still amounts to 5.8 million people. Plus, there are those millions of people who are only employed part-time but who want full-time work, and those who want a job but gave up looking.
"The number of persons employed part time for economic reasons, at 4.0 million, changed little in July. These individuals, who would have preferred full-time employment, were working part time because their hours had been reduced or they were unable to find full-time jobs," the report mentioned at one point. "The number of persons not in the labor force who currently want a job was 5.2 million in July, little changed from the prior month. These individuals were not counted as unemployed because they were not actively looking for work during the 4 weeks preceding the survey or were unavailable to take a job," it discussed at another.
A statement from the president, however, took a much more celebratory tone.
"Unemployment near a record low and the share of working age Americans who have jobs at a 20-year high: that’s Bidenomics. Our economy added 187,000 jobs last month, and we’ve added 13.4 million jobs since I took office — more jobs added in two and a half years than during any president’s four-year term," it claimed. "The unemployment rate is 3.5%, marking a full year and half below 4%. This follows recent news that our economy continues to grow, while inflation has fallen by nearly two thirds and is at its lowest level in more than two years. We’re growing the economy from the middle out and bottom up, lowering costs for hardworking families, and making smart investments in America."
Unemployment near a record low, and 13.4 million jobs added since I took office: that’s Bidenomics.
— President Biden (@POTUS) August 4, 2023
We’re growing the economy even as inflation is at its lowest level in more than two years.
It isn't an accident. It's results.
The president's official Twitter account also tweeted about the jobs report, again highlighting the 13.4 million jobs figure and touting inflation levels being "lowest level in more than two years," despite how it remains far too high, and was lower during the Trump administration.
It's worth pointing out that while the Biden administration and the president himself points to these job numbers, he's been fact-checked multiple times, including by Mia. Those jobs were not created under the Biden administration, but rather the result of people returning to work after the COVID-19 pandemic.
The statement and tweet come as the president has been unavailable for comment while vacationing in Delaware while his most likely political opponent for 2024--former and potentially future President Donald Trump--was indicted yet again by Special Counsel Jack Smith, this time on charges to do with the events on and leading up to January 6, 2021. Biden was also conveniently unavailable on vacation when testimony from Devon Archer, a former business associate of Hunter Biden, revealed that then Vice President Joe Biden took part in his son's business dealings and was very much regarded as "the brand."
Jill, Ed.D., leads Joe Biden on a leisurely walk along the beach last night in Delaware.
— RNC Research (@RNCResearch) August 2, 2023
Biden took no questions from the press. pic.twitter.com/tUDHnZCERm
Biden ends his weeklong beach vacation in Rehoboth Beach — and heads straight to Wilmington for the weekend.
— RNC Research (@RNCResearch) August 4, 2023
Since taking office, Biden has spent 365 days — 39.4% of his presidency — on vacation. pic.twitter.com/EZ77Pwzq6y
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