The November jobs report that came out on Friday showed poor numbers for the U.S. economy, with growth in new jobs not even reaching 50% of what financial experts had predicted.
Making the news worse, the disastrous jobs numbers arrived before the U.S. government and the mainstream media triggered a panic over the new Omicron variant of the novel coronavirus.
“Nonfarm payrolls increased by just 210,000 for the month,” CNBC reported, noting that the “Dow Jones estimate was for 573,000 new jobs.”
CNBC is shocked by the November jobs report: “A huge miss" pic.twitter.com/bC2edazXJP
— RNC Research (@RNCResearch) December 3, 2021
The unemployment rate also fell slightly to 4.2%. The retail sector lost 20,000 jobs last month while transportation and warehousing added 50,000 jobs and professional and business services added 90,000.
The latest job numbers are another issue that the Biden administration has to contend with as polling has shown that the overwhelming majority of Americans are worried about skyrocketing inflation. Some experts have recently warned that Biden’s Build Back Better agenda could further exacerbate inflation problems.
Federal Reserve Chairman Jerome Powell said this week that he expects high inflation to continue well into 2022 and that the U.S. government should stop trying to portray the situation as “transitory.”
“So I think the word transitory has different meanings to different people,” Powell told Sen. Pat Toomey (R-PA) during a Senate hearing on Tuesday. “To many, it carries a time, a sense of short-lived. We tend to use it to mean that it won’t leave a permanent mark in the form of higher inflation. I think it’s probably a good time to retire that word and try to explain more clearly what we mean.”
“We will use our tools to make sure that higher inflation does not become entrenched,” Powell continued, adding that high inflation would “certainly” continue “through the middle of next year.”
However, Treasury Secretary Janet Yellen continued to defend Democrats’ efforts to pass their multi-trillion dollar social spending bill this week while also saying this week that she was “ready to retire the word transitory” when it comes to talking about inflation.
Brian Stryker, a top Democrat pollster, warned in an interview with The New York Times this week that Democrats “have a problem” heading into the 2022 midterms.
“We’ve got a national branding problem that is probably deeper than a lot of people suspect,” he said. “Our party thinks maybe some things we’re saying aren’t cutting through, but I think it’s much deeper than that.”
“People think we’re more focused on social issues than the economy — and the economy is the No. 1 issue right now,” he continued. “We probably haven’t been as focused on the economy as we should be.”
- OECD Forced To Slash Economic Growth Forecasts Due To High Inflation
- Real Estate Investor Suggests Higher Inflation May Last ‘For The Next Decade’
- Americans Ramp Up Consumption Ahead Of Holidays, According To Commerce Department
- The Fed’s Favorite Inflation Measure Hits Three-Decade High
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