On Friday, President Joe Biden tried to put a positive spin on the worst jobs report of his presidency, urging Americans to look at the bigger picture and promoting his infrastructure bill and trillion-dollar package of social programs.
“If you take a look at the trend itself, on average 600,000 new jobs are created every month since I took office,” Biden said. “In total, job creation in the first eight months of my administration is almost 5 million jobs.”
“That is progress,” he added.
Only 194,000 jobs were added to the payroll in September, well below the 500,000 expected and offering one of the gloomiest prospects in a US jobs report for the entire year.
Monthly job growth this year has averaged 561,000.
Supply chain bottlenecks and Covid-19 contributed to the unimpressive numbers.
But Biden argued that the country is making “steady and steady progress.”
‘If you take a step back and look at what is happening, we are actually making real progress. It may not seem fast enough, I would like to see it faster, ” he said. “We are making steady and steady progress.”
He argued that the decline in the unemployment rate meant that the country was moving forward as it struggled with its economic recovery from the COVID pandemic.
“The unemployment rate is down 4.8%, a significant improvement since I took office and a sign that our recovery is moving forward,” he said.
He did not respond to questions from reporters after making his comments.
President Joe Biden tried to put a positive spin on the worst jobs report of his presidency, urging Americans to look at the bigger picture and pushing his infrastructure bills and trillion-dollar social program forward.
Still, Friday’s report from the Labor Department showed unemployment fell more than expected, from 5.2 percent in August to 4.8 percent in September. Economists polled by Refinitiv only expected unemployment to drop to 5.1 percent.
The government does not count people as unemployed unless they are actively looking for work, so some may have stopped looking. The number of unemployed fell to 7.7 million.
Biden and White House officials also blame the COVID pandemic for the difficult numbers.
“Today’s report is based on a survey that was conducted during the week of September 13. Not today, September 13, when Covid cases averaged more than 150,000 per day,” Biden said. “Since then, we have seen daily cases fall by more than a third and they continue to trend downward, and we continue to make progress.”
White House press secretary Jen Psaki said the pandemic made some people fear re-entering the workforce.
‘People are still afraid of COVID. And how will it be at workplaces and guaranteeing their own safety, ” he said at the daily press conference.
Republicans are calling the new job numbers “pathetic” and say it’s proof that their multi-million dollar spending plans aren’t working.
The report served as another blow after Biden earned his lowest approval rating yet, 38%, according to a new Quinnipiac poll.
Still, Biden’s chief of staff Ron Klain touted the report.
“The unemployment rate has now dropped to 4.8%, in just eight months. We have created twice as many jobs under @POTUS in its first nine months than any administration in history, ‘Klain wrote on Twitter.
In another tweet, he shared an analysis from the New York Times and wrote: ‘The job numbers are pretty good actually …’
Friday’s report from the Labor Department showed unemployment fell more than expected, from 5.2 percent in August to 4.8 percent in September.
The U.S. monthly jobs report has fallen short again, as employers added just 194,000 in September compared to estimates of 500,000
Data from previous months was also revised upwards: 38,000 jobs were added to the July figures, bringing the number to a robust 1.053 million, and the disappointment for August rose from 235,000 to 366,000.
As the economy emerges from the ravages of the Delta variant, many employers are still struggling to find workers, as those who lost their jobs due to the pandemic have yet to start looking again.
Federally enhanced unemployment benefits officially ended in September, meaning unemployment checks dropped by $ 300 a week, but the termination of benefits has so far not spurred a momentous return to the workforce.
The governors of about half of the US states finalized their enhanced benefits before the Sept. 5 deadline.
While the private sector payroll increased by 317,000, government employment fell by 123,000.
Notable gains were seen in the leisure and hospitality industry (+74,000). Professional and business services posted a profit of 60,000, retail trade and commerce 56,000 and transportation and warehousing 47,000.
But local government education lost 144,000 workers last month and the state government lost 17,000.
Average hourly earnings increased 0.6% in September, 4.6% higher year-on-year. Economists had expected a 0.4% increase.
Stocks staggered after the figures were released, with the Dow Jones Industrial Average slipping around 30 points, or 0.1%, after a boost Thursday night since the Senate approved the hike to the limit of debt.
Republicans said the new figures showed the nation did not need the $ 3.5 trillion budget reconciliation bill.
‘Joe Biden’s job crisis is getting worse. The latest employment report fell short of expectations, and the president continues to overpromise and underperform, ” Rep. Drew Ferguson, R-Georgia, wrote on Twitter.
Clearly, the socialist plans of his big, trillion-dollar government are not working. They’re just bankrupting Americans. ‘
“Joe Biden’s Build Back Broke agenda continues to hurt American workers, drive up the cost of everyday goods and crush small businesses,” RNC President Ronna McDaniel said in a statement. ‘The latest employment report, which creates 300,000 fewer jobs than expected, shows that trillions more in reckless spending and higher taxes will only further waste the economic recovery and leave working families behind. Americans cannot afford Biden’s disastrous Build Back Broke agenda. ‘
Sen. Rick Scott, R-Florida, said Biden’s vaccination mandates will make the problem worse.
Our economy is suffering, and yet @JoeBiden wants to force private companies to demand vaccines and fire Americans who don’t comply. He clearly doesn’t understand how the economy works, ‘he wrote on Twitter.
Wow … a disappointing September #JobsReport, to say the least. Just an increase of 194,000, well below expectations for 500,000 new jobs. In addition to #Bidenflation, #BorderCrisis and #AfghanistanCrisis, you can add #EmploymentCrisis to your list, ” Sen. Cindy Hyde-Smith, R-Mississippi, wrote on Twitter.
Even CNN called the report the “worst of the year” and the hosts of CNBC Squawk Box reacted to the report in awe.
‘Whoa!’ said host Becky Quick.
‘I see 194,000? That’s very low, ”Steve Liesman said. ‘Let me go to the unemployment rate: Wow, big drop, 4.8 percent, 5.1 was expected. Let me … see if I can find where the jobs were, and I think in this case, where the jobs were not.
“It was definitely a weaker number than expected,” added Liesman.
“September is coming weaker now than August … and I think that’s the big story here.”
Research by economists at Goldman Sachs found that unemployed job seekers were much more likely to take jobs when their benefits ended.
But the early cuts didn’t make people on the sidelines start looking again, Goldman concluded.
Another reason workers are scarce is an increase in pensions among older and richer workers, whose portfolios of housing stocks and shares have risen since the pandemic hit and who have managed to accumulate savings.
Goldman Sachs estimates that around 1.5 million people have retired and would not have retired before the pandemic revolutionized the economy. Many of these people are likely to remain retired, economists hope.
Biden this week reached some of the lowest poll numbers of his presidency, according to Quinnipiac University.
Only 38% approve of Biden’s job as president and 53% disapprove, according to a Quinnipiac University poll. Three weeks ago, the same poll found that 42% approved and 50% disapproved.
Thirty-two percent of independents approve of Biden, while 60% disapprove. Four percent of Republicans approve, 94% disapprove. Still, 80% of Democrats approve of the president’s job overall and 10% disapprove, according to the poll.