It’s clear that Joe Biden is in serious trouble. Voters think he’s too old and cognitively impaired to be president, they blame him for the bad economy (as they should), and polls show he’s on the fast track to an epic defeat in next year’s election. Perhaps the biggest failure of his 2024 strategy was his push to brand the economy ‘Bidenomics” and attempt to convince the public that everything is just peachy when their wallets and bank accounts.
With everything going against him, Biden really could have used some good news for a change. Unfortunately for him, that just wasn’t going to happen. According to the latest jobs report, job growth in October was worse than predicted, and the unemployment rate moved in the wrong direction.
“Nonfarm payrolls increased by 150,000 for the month, the Labor Department reported Friday, against the Dow Jones consensus forecast for a rise of 170,000. The United Auto Workers strikes were primarily responsible for the gap as the impasse meant a net loss of jobs for the manufacturing industry,” CNBC reported. "The unemployment rate rose to 3.9%, the highest level since January 2022, against expectations that it would hold steady at 3.8%. Employment as measured in the household survey, which is used to compute the unemployment rate, showed a decline of 348,000 workers, while the rolls of the unemployed rose by 146,000."
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A broader unemployment rate that includes discouraged workers and those in part-time positions for economic reasons, increased to 7.2%—a 0.2 percentage point increase. The labor force participation rate also saw a slight decline to 62.7%, and the labor force shrank by 201,000.
CNBC: The underemployment rate "continues to move up" while labor force participation is "going in the wrong direction."
— RNC Research (@RNCResearch) November 3, 2023
That's Bidenomics! pic.twitter.com/VrBqdUTGEt
“Winter cooling is hitting the labor market,” Becky Frankiewicz, chief commercial officer at staffing firm ManpowerGroup, told CNBC. “The post-pandemic hiring frenzy and summer hiring warmth has cooled and companies are now holding onto employees.”
Hourly earnings increased less than forecasts predicted as well.
"This jobs report is just another gathering economic storm cloud under President Biden. Inflation is up by nearly 20% since he took office, gas prices are up by more than 50%, small businesses face a credit crunch, and the deficit this year hit $1.7 trillion,” observes Alfredo Ortiz, the president and CEO of Job Creators Network. "The Biden administration and Congressional Democrats deserve the blame for this economic turmoil due to their reckless spending and anti-energy policies that have driven up prices and forced the Federal Reserve to rapidly raise interest rates in response."
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