Bidenomics: Unemployment Reaches Two-and-a-Half Year High

The June jobs report came out on Friday, and according to the mainstream media, it was welcome news for Joe Biden.

"America’s employers delivered another healthy month of hiring in June, adding 206,000 jobs and once again displaying the U.S. economy’s ability to withstand high interest rates," the Associated Press reported. "Last month’s job growth did mark a pullback from 218,000 in May. But it was still a solid gain, reflecting the resilience of America’s consumer-driven economy, which is slowing but still growing steadily."

MeidasTouch News similarly painted it as good news for Joe Biden.

"The new jobs report released this morning by the Bureau of Labor demonstrates that the Biden economy once again beat the expectations of economists by adding an additional 206,000 jobs," the outlet reported. "Economists had predicted that the economy would add approximately 191,000 jobs in June. Despite the prediction, the Biden economy continued to grow at a robust pace."

The White House jumped on the report with its trademark spin. 

"With today’s report that 206,000 jobs were created last month, a record 15.7 million jobs have been created during my Administration," a White House statement attributed to Biden read. "We have more work to do, but wages are growing faster than prices, and more Americans are joining the workforce, with the highest share of working-age Americans in the workforce in over 20 years. That’s real progress for hardworking families who have the dignity and respect that comes with earning a paycheck and putting food on the table."

However, beyond the rosy headlines that claim the Biden economy is roaring is the reality that the report showed a slowdown in the job market. The unemployment rate edged up from 4% to 4.1%, which is the highest in two-and-a-half years. Also, the government revised down its job growth estimates for April and May by a total of 111,000 jobs.

“Bidenomics has driven the unemployment rate to the highest it’s been in two and a half years, creeping America closer and closer to a recession," Republican National Committee (RNC) Chairman Michael Whatley said in a statement. "All Americans are struggling from Joe’s failed economic policies—unemployment is up for women, Black Americans, Asian Americans, Veterans, and persons with disabilities. Families need President Trump to end Bidenomics, bring back jobs, raise real wages, and make our economy great again.”

Other things indicate an economy on shaky ground.

Since June 2023, the US has added 1.8 million part-time jobs and lost 1.6 million full time jobs pic.twitter.com/bNrhB0BMnk

— zerohedge (@zerohedge) July 5, 2024

Half of all job growth in the past year is from Birth/Death adjustments pic.twitter.com/UahfONUYZw

— zerohedge (@zerohedge) July 5, 2024

Zerohedge also noted that the number of long-term unemployed (jobless for 27 weeks or more) increased by 166,000 to 1.5 million in June, representing 22.2% of all unemployed people, up from 1.1 million a year earlier. The labor force participation rate remained steady at 62.6%, and the employment-population ratio held at 60.1%, both showing little change over the year. 

Part-time employment for economic reasons also stayed largely unchanged at 4.2 million. Meanwhile, the number of individuals not in the labor force but wanting a job decreased by 483,000 to 5.2 million. Of these, 1.5 million were marginally attached to the labor force, with 365,000 discouraged workers who believed no jobs were available for them.