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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. 

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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. 

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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.

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