Number of jobs in December far below expectations, ‘experts’ wrong again

Number of jobs in December far below expectations, ‘experts’ wrong again

On Friday, the Labor Department released its December jobs report and, as usual, the ‘experts’ were wrong again. Employers added just 199,000 jobs in December, a total that is less than half what economists had expected.

Experts had expected about 400,000 jobs.

Republicans were quick to denounce the Biden administration for its poor numbers.

RELATED: Report: Democrats Wanting to Use 14th Amendment to Remove Trump From Office

Gains and Losses

Some of the biggest gains in job creation were in the leisure and hospitality sector, which added 53,000 jobs. Professional and business services also saw the largest job creation with 43,000 jobs.

The experts were quick to blame COVID, more specifically the Omicron variant, and ongoing supply chain issues that have apparently not been resolved.

Steve Rick, chief economist for the CUNA Mutual Group, said: “It is not at all surprising that this month’s jobs report fell short given the current turbulence and the potential impact of the COVID-19 Omicron variant.”

Rick also added rising inflation to the mix, adding, “Rising inflation and the ongoing crisis in the supply chain could have major implications for the economy as winter progresses.”

RELATED: Left-wing patrons mad at restaurant’s anti-Pelosi sign, but owner refuses to bow to ‘cancel Culture Renegades’

A truly bizarre labor market

By the end of 2021, the U.S. job market is easily one of the most unusual and perhaps even abnormal ever. Although there is a record number of vacancies, the vacancies are not being filled.

Average monthly job growth comes in at about 500,000, but more Americans are deciding to quit their jobs and leave the job market altogether.

Ron Hetrick, senior economist at Emsi Burning Glass, a labor market data analytics firm, says this could be the wave of things to come.

“With far more job openings than people available to fill them – as the US still struggles to deal with the recent excessive 2020-21 permanent retirements – we may be getting an early glimpse of the crisis we predicted to happen. would occur in the future. We simply do not have the manpower we need to meet our needs.”

RELATED: Biden calls Trump and supporters ‘twisted’ and ‘un-American’, then says he will unite America

Biden Job Market Slide

The December jobs report is just the latest in Biden’s downward shift in the economy. In September, the Bureau of Labor Statistics reported that a record 4.4 million Americans have quit their jobs.

A Fox News report blamed the mass exodus of workers seeking higher wages, and pandemic fears pushing people to seek jobs that would allow them to work from home. Another reason for what the Fox News report called “the big layoff,” while perhaps not widely reported, was also the number of employer vaccine mandates that many employees were unwilling to fulfill.

But the bleak job reports didn’t stop there. November was not much better, with only 210,000 jobs added, far short of the 550,000 forecast.

Inflation also took its toll as Americans ate their most expensive Thanksgiving dinner, while Joe Biden and the Democrats congratulated themselves for being “the party of job growth.”

According to a December Gallup poll, Joe Biden’s approval rate stood at 43%, the fourth straight month at 42 or 43%. If job numbers also remain in the current trend, Democrats could find the 2022 midterms a bit problematic.

Source link


Share on facebook
Share on twitter
Share on pinterest
Share on linkedin
Rachel Meadows

Rachel Meadows

Trending topics news writer who enjoys cooking, walking her dog and travel.

Related Posts

Enter our 

Las Vegas!

Luxury Resort Stay Giveaway