Friday, February 05, 2021

Biden's first jobs report a bad one

Yeah, I know, Joe Biden didn't becocme president until three weeks ago. But Sleepy Joe's first jobs report stinks. 

From CNBC:

Job growth returned to the U.S. in January, with nonfarm payrolls increasing by 49,000 while the unemployment rate fell to 6.3%, the Labor Department said Friday in the first employment report of the Biden administration. 

Economists surveyed by Dow Jones had been looking for growth of 50,000 and the unemployment to hold unchanged at 6.7%. However, many analysts on Wall Street had been looking for higher numbers; Citigroup had projected a gain of 250,000.

The Democrats are the lockdown party and their wrecking of the economy shows.

More:

Just over 10 million remain unemployed, 4.3 million more than a year ago though the number decreased by 606,000 in January. Companies slashed jobs in March and April to combat the Covid-19 pandemic, and most sectors remain below their pre-pandemic levels. 

The damage has been particularly acute in the hospitality industry, as governments across the country have forced hotels, bars and restaurants either to close or operate at reduced capacity to halt the coronavirus spread.

No comments: