The reality of “Bidenomics” continues to sink in.
In October, the economy added far fewer jobs than expected as the unemployment rate ticked up, the labor force participation rate fell, and wage growth continues to slow — making for the second-worst jobs report of the Biden presidency.
NEW: Nonfarm payroll employment grew LESS than expected in October — while cumulative revisions for the past two months is MINUS 101K jobs.
— RNC Research (@RNCResearch) November 3, 2023
The unemployment rate ticks up to 3.9% — "the highest level going all the way back to January." pic.twitter.com/VGEvJyZ1VT
American workers are hardest hit. Unemployment, at 3.9 percent, is at its highest rate since early 2022, while unemployment rose for women, Black Americans, Hispanic Americans, Asian Americans, and Americans without a high school diploma. Meanwhile, the private sector added far fewer jobs than expected, the manufacturing sector lost more jobs than expected, average workweek hours slipped, and underemployment among Americans continues to rise.
The costs of “Bidenomics” run much deeper. Under Biden, prices have risen by 17.7 percent while real wages have fallen by 3.2 percent. Middle-class households have lost, on average, more than $33,000 in real wealth just in the past year. Gas prices remain more than $1/gallon higher than when Biden took office. The list goes on and on.
In short, today’s jobs report had no good news for the two-thirds of Americans who report living paycheck-to-paycheck — and it’s only getting worse from here.
