{"id":43395,"date":"2021-10-08T16:42:10","date_gmt":"2021-10-08T20:42:10","guid":{"rendered":"https:\/\/www.rightwinggranny.com\/?p=43395"},"modified":"2021-10-08T16:42:10","modified_gmt":"2021-10-08T20:42:10","slug":"welcome-to-the-biden-economy","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=43395","title":{"rendered":"Welcome To The Biden Economy"},"content":{"rendered":"

The Epoch Times<\/a> is reporting today that U.S. employers added fewer than 200,000 jobs in September. The workforce participation rate<\/a> is slightly down from August at 61.6 (it was 61.7 in August).<\/p>\n

The Epoch Times reports:<\/p>\n

The Labor Department\u2019s jobs report<\/a>,\u00a0released Oct. 8<\/a>, shows that\u00a0non-farm payroll employment rose by a paltry 194,000 last month, down from last month\u2019s upwardly revised 366,000 and far below the FactSet-provided consensus forecasts<\/a> of 500,000.<\/strong><\/p>\n

\u201cThe latest snapshot of the job market is a bit of a bad news, good news affair,\u201d\u00a0Bankrate senior economic analyst Mark Hamrick said in an emailed statement to The Epoch Times.<\/strong><\/p>\n

\u201cIt delivered a surprisingly weak payrolls number,\u201d Hamrick said, adding, \u201cat the same time, the nation\u2019s unemployment rate slipped four-tenths to a pandemic era low of 4.8 percent.\u201d<\/strong><\/p>\n

The total number of unemployed persons fell by 710,000 to 7.7 million, the report showed. While that\u2019s considerably lower than the pandemic-era high, it remains elevated compared to the 5.7 million just prior to the outbreak.<\/strong><\/p>\n

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Leisure and hospitality, including bars and restaurants, generated only 74,000 jobs, a result that\u2019s below expectations. There was also weakness in local government educations jobs, which fell by 144,000 last month despite schools reopening.<\/strong><\/p>\n

There was relative strength in manufacturing, which added 27,000 jobs, and transportation and warehousing saw a jobs boost of 47,000 positions.<\/strong><\/p>\n

Overall, government payrolls fell by 123,000 jobs in September, which was offset by an increase of 317,000 in private payrolls.<\/strong><\/p>\n

The labor force participation rate, which is a measure of people working or actively looking for work, remained little changed at 61.6 percent, a historically depressed level. In February 2020, the labor force participation rate stood at<\/a> 63.6 percent, with a historical peak of 67.3 percent in April 2000.<\/strong><\/p>\n

The article does note that the top ten states leading the economic recovery all have Republican governors. The article also notes that generally speaking red states have dominated the economic recovery.<\/p>\n

The article also includes the White House attempt to spin the bad news:<\/p>\n

White House Chief of Staff Ron Klain took to Twitter to defend President Joe Biden\u2019s record on job creation.<\/strong><\/p>\n

\u201cThe unemployment rate is now down to 4.8 percent\u2014in just eight months. We\u2019ve created 2x more jobs under @POTUS in his first nine months than any administration in history,\u201d Klain wrote<\/a>.<\/strong><\/p>\n

Besides painting a dim view of the vigor of the labor market recovery, the lackluster jobs report could also delay an expected decision by the Federal Reserve<\/a> to begin scaling back monetary support before the end of the year.<\/strong><\/p>\n

The labor market remains a key touchstone for the Fed, with Federal Reserve chair Jerome Powell repeatedly hinting that reaching full employment was a pre-requisite for the central bank to start trimming asset purchases.<\/strong><\/p>\n

Investors are looking for clues as to when the Fed will initiate the much-anticipated rollback of its massive $120 billion in monthly purchases of Treasury and mortgage securities, one of the crisis support measures the central bank deployed last year to help lift the economy from the pandemic recession.<\/strong><\/p>\n

If you are still looking for truth in the mainstream media, you are going to be on a long search.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Epoch Times is reporting today that U.S. employers added fewer than 200,000 jobs in September. The workforce participation rate is slightly down from August at 61.6 (it was 61.7 in August). The Epoch Times reports: The Labor Department\u2019s jobs … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[14374,8967,12407,297,8701],"class_list":["post-43395","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-job-market","tag-jobs-report","tag-the-epoch-times","tag-unemployment","tag-workforce-participation-rate"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/43395","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=43395"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/43395\/revisions"}],"predecessor-version":[{"id":43398,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/43395\/revisions\/43398"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=43395"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=43395"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=43395"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}