BREAKING: RFK Jr. Has Landed a Nomination in the Trump Administration
Alexandria Ocasio-Cortez Thought Deleting This Off Her Twitter Bio Would Go Unnoticed
Blinken: Before Trump Takes Office, 'Every Dollar We Have at Our Disposal Will...
Pocahontas Way Off Reservation on Hegseth Attack
UR Investigating After 'Wanted' Posters Featuring Jewish Faculty, Staff Plastered Around C...
Connecticut Teacher Resigns After Video of Her Threatening to Kill Trump Voters Goes...
Feds Raid Home of Polymarket CEO After Betting Site Predicted Trump Win
One Hollywood Celeb Said That Her Family Moved Out of the ‘Scary’ and...
Egregious: A Wisconsin School District Received Over $1 Million to Promote Woke Initiative...
Revealed: How Bob Casey and His Lawyers Are Trying to Steal an Election...
Hundreds of Explicit Books Have Been Expunged From Schools in This State
George Clooney Whines About Being Used As a 'Scapegoat' Following Harris' Loss
'God-tier Kind of Trolling': John Fetterman Shares His Thoughts on Trump’s Cabinet Picks
This NYT Post-Election Focus Group of Young Voters Is Brutal for the Media...and...
There's Been an Update About 'Peanut the Squirrel'
Tipsheet

Last Jobs Report Before Election Day Shows Damage of Biden Policies

AP Photo/Michael Conroy, File

The final economic indicator to be released before Tuesday's midterm elections dropped Friday morning showing the unemployment rate had ticked up to 3.7 percent in October — an increase of 0.2 percent, worse than expected — despite a better-than-expected headline number showing 261,000 new jobs. 

Advertisement

But the number of new jobs reported is the smallest of President Biden's time in office, following a downward trend line in job growth under his administration's leadership. 

The last time job growth was any worse was December 2020 when there was a contraction, noted CNBC. 

The monthly jobs report is comprised of two different surveys conducted by the government — the establishment survey and the household survey — and two showed significant divergence in October's read. 

According to the establishment survey, 261,000 jobs were added last month, but the household survey found that the number of unemployed persons increased by 306,000 in October. 

The Bureau of Labor Statistics reported that the labor force participation rate of 62.2 percent in October, a decrease of 22,000 Americans from September's report that showed more than 50,000 Americans walking away from the workforce. 

Advertisement

In October, the government reported wage growth of 0.4 percent month-over-month for a 12 month-ending increase of 4.7 percent. But, yet again, the latest Consumer Price Index showed inflation increasing 0.4 percent in September (October's read will be released after the midterms) and advancing 8.2 percent over the previous year. 

That means that Americans are still seeing an average 3.5 percent cut to their real wages in the last 12 months under President Biden's "build back better" policies. 

As Townhall reported earlier this week, the Federal Reserve increased its target rate another 75 basis points to 4 percent, the highest level since 2008 as warnings from Fed Chairman Jerome Powell that Americans will face more "pain" as a result of the central banking system's attempts to tamp down inflation that resulted from President Biden and congressional Democrats' tax-and-spend agenda.

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement