The U.S. economy added back 390,000 jobs in May, while the unemployment rate remained unchanged at 3.6 percent — a mixed bag as economists predicted 325,000 jobs would be added in May and the rate would decline to 3.5 percent from April's level.
Payroll employment rises by 390,000 in May; unemployment rate remains at 3.6% https://t.co/1Y9cSWJUIB #JobsReport #BLSdata
— BLS-Labor Statistics (@BLS_gov) June 3, 2022
Still, with a reported six million unemployed Americans — compared with 5.7 million in 2020 before the COVID-19 pandemic — the Biden administration is still down 300,000 jobs more than 16 months after taking office and promising to "build back better."
In addition, the Bureau of Labor Statistics reported that 1.4 million Americans were "long-term unemployed" as of May, 235,000 more than before the pandemic. An additional 5.7 million Americans — 700,000 more than before COVID — were not in the labor force but currently want a job, a significant number not counted in the unemployment rate.
Another 1.8 million Americans were unable to work in May because their employer closed or lost business due to the pandemic, another strike against Biden's campaign promise to "shut down the virus" rather than the country or our economy.
CNBC: "1.8 million people said they were unable to work last month because their employer closed or lost business." pic.twitter.com/XEw28buKCl
— RNC Research (@RNCResearch) June 3, 2022
The latest jobs report comes after JP Morgan's Jamie Dimon warned that an "economic hurricane" was bearing down on the United States and as Americans continue to struggle under the economic policies enacted by President Biden and Democrats controlling Congress.
In May, the labor force participation rate ticked up slightly to 62.3 percent, but still remained 1.1 percent below the rate that existed before COVID was unleashed on the world.
Those working only part-time due to economic reasons increased in May by 295,000 to a total of 4.3 million, "reflecting an increase in the number of persons whose hours were cut due to slack work or business conditions," showing that those wanting to work full-time are still unable to find such employment.
Meanwhile, "discouraged workers" — defined by BLS as a subset of marginally attached individuals who believed no jobs were available for them in May — numbered 415,000.
For those who are employed, their average hourly earnings increased 10 cents in May compared to April, or 5.2 percent year-over-year. As Townhall has reported month after month, the wage growth that's heralded (out of context) by the White House and Democrats continues to be outstripped by consumer inflation.
In April, the Consumer Price Index showed inflation continuing to run at a red-hot 8.3 percent while producer costs were up 11 percent. If those numbers remain steady or increase in the CPI and PPI reports for May due out next week, Americans will still on average be dealing with a three percent decrease in their real wages.
When President Biden speaks on May's jobs report at 10:30 a.m. ET on Friday, expect him to tout the better-than-expected jobs "added" — that don't count as jobs he's created since he still hasn't broken even with pre-pandemic employment — and brag about wage growth for Americans. But surely he'll ignore the fact that inflation continues to outstrip wages and the millions of Americans who are still unable to find gainful employment due to the pandemic and his economic policies that have failed to "build back better."
Join the conversation as a VIP Member