The jobs report released by the Labor Department Friday shows the economy added 559,000 jobs in May, falling below expectations for the second month in a row.
Economists had been expecting anywhere between 650,000 to 675,000 jobs to be added.
Still, the unemployment rate dropped to 5.8%, down from 6.1% in April.
Paul Ashworth, the chief U.S. economist at the research firm Capital Economics, explains how expectations aren’t being met due to slower-than-expected job growth.
“Only a few months ago we had expected to see several months’ worth of gains north of one million as the economy reopened, but labor supply is bouncing back much more slowly than demand,” he conceded.
JUST IN – United States jobs report misses expectations again, 559K added in May vs 675K estimated.
— Disclose.tv (@disclosetv) June 4, 2021
Jobs Report Again Has Biden Missing Expectations
The latest jobs report comes on the heels of April numbers which showed an even bigger disappointment.
Only 266,000 jobs were created last month, missing expectations by roughly 740,000.
If you thought the media had any intention of reporting on these disastrous numbers honestly, you’d be wrong.
Heather Long, the economics correspondent for the Washington Post, tweeted that the May jobs report showed “a solid month for hiring.”
Think about that – Economists lowered expectations after the April disaster from 1 million to 675,000 and the Biden economy still missed the mark. But yea … ‘solid.’
This is an amazing take on a jobs report that missed by 100K, following a monthly jobs report that missed by 740K jobs, following a monthly jobs report was revised downward by 144K jobs https://t.co/2sx16UDCsc
— Ben Shapiro (@benshapiro) June 4, 2021
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The Hill reported that these Labor Department numbers would “be welcome news to President Biden” based on the fact that April’s numbers were so much worse.
They lowered the bar for Biden regarding the data and lowered it even further in their reporting, making every effort to try and make his economic policies look good.
As we emerge from the virus, our economy should be booming, but today’s lackluster jobs report shows President Biden’s policies have stalled our recovery.
Washington needs to stop paying people NOT to work.
Bidenomics is bad for America.
— Kevin McCarthy (@GOPLeader) June 4, 2021
Why Is It So Bad?
You have an economy shut down for over a year due to a historic pandemic, opening back up across many industries in nearly every state in America, and you still can’t hit the mark with your job reports?
Only an economic illiterate could screw this recovery up.
So what is the main problem here?
Fox Business blamed the government for paying people not to work stating, “extended unemployment benefits encouraged workers to stay home.”
Katherine Judge, an economist at CIBC Capital Markets, practically confirms this according to Bloomberg News.
“Our research suggests that generous unemployment benefit supplements have been the main factor holding employment gains back amidst record levels of job openings,” Judge said.
“It is a miss,” CNN’s John Berman on the May jobs report. pic.twitter.com/wamXZXJlZt
— House Republicans (@HouseGOP) June 4, 2021
Last month, the Political Insider’s Chris Barron wrote that the Biden presidency, based at least in part on the sputtering economy, is an “unmitigated disaster.”
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President Biden did his best to sugarcoat the economic news Friday.
“Today’s jobs report shows historic progress for American families and the American economy,” he said. “We added 559,000 jobs in May, created a record two million jobs in our first four months, and unemployment is at its lowest level since the pandemic started.”
“America is on the move again.”
If by ‘America is on the move again’ you mean America is driving in 1st gear while everyone else is going 65 on the highway then yes, America is on the move again.
— Rusty Weiss (@rustyweiss74) June 4, 2021
Economists such as Seema Shah, chief strategist at Principal Global Investors, expect the job market to improve much faster once the unemployment benefits are phased out.
“With unemployment benefits set to fade in the fall, we may be waiting until the end of summer before we see clear evidence of a fundamentally healing labor market,” Shah said.
That is exactly when the media will start touting Biden as an economic genius responsible for a historic recovery rather than the man that kept the job market from being truly unleashed.
This piece originally appeared in ThePoliticalInsider.com and is used by permission.
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