Another Jobs Report, Another “Bidenomics” Nightmare

Today’s Jobs Report Provides Further Evidence That A Vote For Democrats Is A Vote For A Weaker Economy

ANOTHER WEAK JOBS REPORT

• The economy added just 150,000 jobs in October – the second worst jobs report of Biden’s presidency and well below economists’ expectations.
  • Job gains for August and September were revised down by a combined 101,000 jobs, with eight of the past nine months having now been revised lower.
  • 35,000 manufacturing jobs, 12,000 transportation and warehousing jobs, and 9,000 information jobs were lost in October.
• The unemployment rate rose to 3.9 percent in October while the labor force participation rate declined – remaining below pre-pandemic levels.
  • At 3.9 percent, this is the highest unemployment rate since early 2022.
  • The unemployment rate rose for women, Black Americans, Hispanic Americans, Asian Americans, Veterans, and those without a high school diploma.
  • The U-6, a broader measure of joblessness, increased to 7.2 percent.
  • 201,000 Americans left the workforce in October.
• The jobs report showed wage growth continues to slow.
• The number of long-term unemployed Americans increased by 66,000 in October, while the number of Americans working part-time for economic reasons increased by 218,000.
• 43 percent of small business owners say there are job openings they cannot fill.

BIDENFLATION ISN’T GOING AWAY

• Hardworking Americans are struggling to stay afloat financially as Bidenomics continues to drain the wallets of families and businesses across the country.
  • Prices have risen by 17.7 percent since Biden took office – with Americans still reeling from the lasting effects of inflation. 
• Real wages remain lower than when Biden first took office.
  • Inflation-adjusted average hourly wages were $11.39 when Biden took office and are now $11.02 – the BLS adjusts to 1982-1984 dollars – meaning workers have seen a 3.2 percent pay cut under Biden.
• U.S. average gas prices currently sit at $3.44 per gallon, which is more than $1 per gallon higher than when Biden became president.

BIDEN’S ECONOMIC AGENDA IS DECIMATING AMERICANS’ FINANCES

• Americans are suffering from the lasting effects of Biden’s historic inflation, with many struggling to pay their debts, save for retirement, or afford rent.
  • 62 percent of Americans report living paycheck-to-paycheck.
• Bidenomics has cost the middle class $2.4 trillion since March 2022.
  • The average middle-class household has lost over $33,000 in real wealth in just the past year.
• Low-income Americans have been hit the hardest by inflation according to studies by the New York Fed, Dallas Fed, and the Urban Institute.
• Americans are increasingly borrowing to cover daily expenses, finding their regular income is no longer enough to make ends meet.
  • Credit card debt recently surpassed $1 trillion for the first time ever,
  • Sixty-day car payment delinquencies for people with bad credit hit an all-time record of 6.1 percent in September – the highest level since the survey began in 1994.
• The Fed has hiked interest rates 11 times since March 2022 – now at their highest level in 22 years – making it harder for families to buy a home, finance a car, pay bills, and perform various other financial transactions.
  • The average rate for a 30-year fixed mortgage is now at its highest level since 2000.
  • Homeownership has been deemed “unaffordable” in 99 percent of the country.
  • Biden’s favorite economist – Moody’s Mark Zandi – said purchasing a home or a car right now is “completely unaffordable for the typical American household.”
• According to the latest Census data, U.S. inflation-adjusted household income fell last year by the most in over a decade.
  • Median household income has fallen for two straight years under Biden and remains below pre-pandemic levels.

AMERICANS ARE NOT HAPPY WITH BIDEN’S ECONOMY

• American families are seeing higher prices for virtually everything, and they know exactly who to blame: Biden and Democrats.
• 73 percent of Americans believe the economy is in bad shape and more voters trust Republicans over Democrats to handle inflation, according to a recent AP-NORC poll.
• More than a third of Americans report living paycheck to paycheck, with enough savings to last a month or less, according to a Fox News survey.
• 58 percent of Americans believe the economy is getting worse and 69 percent believe the country is on the wrong track, according to an Economist/YouGov poll.
• Half of Americans say their financial situation is worsening, according to a recent Harvard CAPS-Harris poll.
• Biden’s approval rating on the economy is at just 32 percent – the lowest of his presidency – according to CNBC’s All-America Economic Survey.