New Jobs Report Underperforms, Showing Weakness of Biden Economy

Via AAN:

A new jobs report for May is showing even more bad news for the Biden Administration.

Though unemployment ticked down slightly, the economy added far fewer jobs than economists had predicted clocking in at a measly 559,000 jobs falling far short of the expected 650,000.

As Fox News reports:

Employers added 559,000 jobs in May, the Labor Department said Friday, missing the addition of 650,000 jobs that analysts surveyed by Refinitiv were expecting. April’s reading was revised higher by 12,000 to 278,000.

Despite the gains, the U.S. economy has 7.6 million, or 5%, fewer workers from its February 2020 pre-pandemic level.

“Only a few months ago we had expected to see several months’ worth of gains north of one million as the economy reopened, but labor supply is bouncing back much more slowly than demand,” said Paul Ashworth, chief U.S. economist at research firm Capital Economics.

The report underscores the weakness of the economic recovery under Joe Biden and may foreshadow a tumultuous and disappointing summer.