It’s interesting to me that when a Democrat is President, the media paints a very rosy picture in its predictions about job growth and general economic growth. They always seem surprised when the facts don’t live up to their predictions. When a Republican is President, the media is always surprised when the job numbers are better than the predictions.
CNBC is reporting today that job growth in August was well short of the estimates.
The article reports:
U.S. companies created far fewer jobs than expected in August as the Covid resurgence coincided with cutbacks in hiring, according to a report Wednesday from payroll services firm ADP.
Private payrolls rose just 374,000 for the month, well below the Dow Jones estimate of 600,000 though above July’s 326,000, which was revised downward slightly from initial 330,000 reading.
Most of the new jobs came from leisure and hospitality, which added 201,000 positions in a somewhat hopeful sign that an industry beset by a labor shortage continues to recover.
Education and health services combined to add 59,000 for the month as hospitals in some parts of the country were swamped with virus cases and schools begin to reopen.
“The delta variant of COVID-19 appears to have dented the job market recovery,” said Mark Zandi, chief economist at Moody’s Analytics, which works with ADP on the report. “Job growth remains strong, but well off the pace of recent months. Job growth remains inextricably tied to the path of the pandemic.”
The apparent letdown comes at a pivotal time.
The article notes that recent economic growth has been disappointing, blaming the low growth on the Delta variant of Covid. Somehow they fail to mention that President Biden almost instantly reversed the economic policies of the Trump administration which had fueled the recovery from the Covid recession.