There have been downward revisions to the jobs number in ten of the last 11 jobs reports — and December’s report is no different.
"The two-month [jobs report] revision, in a combined form, is -71,000," CNBC reports.
— RNC Research (@RNCResearch) January 5, 2024
"Traders find these revisions very disheartening." pic.twitter.com/ibnoyBuZ7Q
The latest jobs report shows Americans are still struggling in the Biden economy. Overall labor force participation decreased, suggesting a “weakening” in a labor market that remains well below pre-pandemic levels. Unemployment rates shot up for women, Hispanic Americans, people with disabilities, and high school graduates who didn’t attend college.
In fact, the number of full-time workers plunged by 1.5 million — the lowest since February — while the number of part-time workers soared by 762,000 to the highest on record.
Meanwhile, Americans are still dealing with exorbitant costs. Prices are up 17.4 percent since Biden took office, while food prices are up more than 20 percent and the nationwide average for gas is up ~30 percent under Biden. Real wages remain about three percent lower than when Biden took office. The average family has lost more almost $20,000 paying for the increased cost of living under “Bidenomics,” according to the Joint Economic Committee.
Almost two-thirds of Americans report living paycheck-to-paycheck as people struggle to pay debts, afford rent, and save for retirement.
That’s the story of the Biden economy.
