The Lousy Jobs Report Heralded By Biden In One Ugly Chart

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by confoundedinterest17

The New York Times had a story raving about the tremendous jobs report.

The Labor Department’s report that the economy added 559,000 jobs in May, an acceleration from April, buoyed Democrats and the Biden administration on Friday, adding new fuel to the president’s claims that vaccinations and his economic program are beginning to get the economy back on track after a halting recovery from pandemic recession.

This is historic progress,” Mr. Biden said in remarks from Rehoboth Beach, Del. “Progress that’s pulling our economy out of the worst crisis it’s been in in 100 years.”

Really Joe? Labor force participation rate sank to early 1977 (Jimmy Carter) levels at 61.6%. At the same time, the fastest growing sector of Biden’s economy has little to do with his economic policies: states and cities coming out of economic lockdown are seeing growing restaurant and bar growth. In fact, food services and drinking places was the fastest growing sector of the economy. BUT IT IS STILL FAR LOWER THAN BEFORE COVID AND THE GOVERNMENT SHUTDOWNS OF STATE AND LOCAL ECONOMIES.

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The best thing Biden can do is encourage governors and mayors to continue opening their economies.

 

 

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