Today’s November Jobs Report was published. Although economists had predicted that around 550,000 new jobs would occur, actual numbers were far below those predictions.
In its Friday monthly payroll report, the Labor Department stated that November payrolls rose only 210,000. This is well below what Refinitiv economists had predicted at 550,000. The unemployment rate (which is calculated based on a separate survey) dropped more than expected to 4.2% from 4.6% — the lowest level since the pandemic began.
The figure marks a significant drop from October’s upwardly revised number of 546,000 and September’s upwardly revised 379,000. The number of jobs available is still around 3.9 million lower than it was in February before the crisis.
Fox Business anchor/journalist/financial analyst Charles Payne summed up the highs and lows of today’s report:
Breaking News
November Jobs Reports Disaster (Again)
Good news: 594,000 workers are back in the labor pool
210,000 got jobs (bad news)
Estimate 550,000
Payroll +4.8% (lower than inflation).Don’t worry folks on TV -trying hard to make it good news – saying don’t believe the government.
— Charles V Payne (@cvpayne) December 3, 2021
I’m not an economics expert, but you have to think these numbers are Particularly bad considering we’re right here at Christmastime when you typically see job numbers on the rise as retail employers bring in seasonal workers to help with the holiday crush.
As to the Biden administration’s official reaction to the news, well, White House press secretary Jen Psaki was on the “Morning Joe” program this morning being interviewed by co-host Mika Brzezinski in-studio when the news broke. Brzezinski raised the number and asked Psaki to comment. That’s when things got a little awkward:
Jen Psaki was on MSNBC this morning and announced some disappointing news about the jobs market. Said she couldn’t comment on the jobs numbers until 930 am.
— Josh Kraushaar (@HotlineJosh) December 3, 2021
Specifically, she said “by rules” she can’t comment until 9:30 a.m. Watch:
WATCH: Jen Psaki on Morning Joe claims she is unable to comment on the November job figures. However, she then says that “we’re seeing positive trends.”
It was about 300,000 less than expected. #JobsReport pic.twitter.com/dT8MtkdpDl
— John Cooper (@thejcoop) December 3, 2021
I’m trying to figure out what “rule” she’s talking about beyond perhaps a self-imposed Biden White House rule on not being able to comment on the official jobs report numbers until an hour after they’re released? My guess, and it’s an educated one based on this administration’s history of lying through their teeth and spinning like tops when confronted with inconvenient facts, is that she and her comms team need that time to try and brainstorm ways to look at the report from a “silver linings” perspective even though as Payne noted there isn’t much in the way of any type of silver lining when you look at the report.
It doesn’t matter what the politicians try to make it sound, the facts will be the facts. Kamala and Joe Biden as well as other team members are admitting (inadvertently!) the terrible state of America’s economy as a result of Bidenomics.
As I’ve said before, when even the Democrat leader of the free world and his second in command both acknowledge what other under circumstances would be considered a standard “Republican talking point” about the economy, that tells you quite a bit – with none of it being good.
Flashback: That ‘Joe Biden Scraps Press Conference’ Story Just Got a Whole Lot Worse
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