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OAN’s Daniel Baldwin
12:16 PM – Friday, July 5, 2024
Another month, another ugly jobs report for President Joe Biden.
The Bureau of Labor Statistics shows that the U.S. added 206,000 jobs in the month of June. Biden celebrated the top line number in a statement, saying it was “real progress for hardworking families.”
However, the good news ended at that number. Once you read between the lines, the picture gets much uglier.
The job gains from both April and May were revised down significantly. April jobs were dropped by 54,000, and May jobs dipped by 57,000. If you combine the two, you get a downward revision of 111,000 payrolls. In fact, four of the past five months have seen jobs revised lower.
This trend begs the question: what is the real number of jobs added? How much will they be revised down in the next month?
What about the type of jobs added to the market? CNBC noted on its broadcast that “74% of the jobs came from government and healthcare.”
Economist E.J. Antoni from the Heritage Foundation explains that full time jobs are down 1.6 million over the last year, with part-time jobs up by nearly two million.
In addition, more evidence regarding how Biden’s economy prioritizes foreign-born workers over native-born americans was revealed as well. Over the last year, more than 900,000 native-born Americans lost their jobs, while foreign-born workers gained nearly 1.2 million jobs.
To top it off, the unemployment rate jumped to 4.1%, the highest since November 2021.
While the Biden team may claim victory on the top line number, the weeds of the report reveal an ugly picture: an economy that leaves the American worker in the rearview mirror.
(Views expressed by guest commentators may not reflect the views of OAN or its affiliates.)
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