Staff Reports
A jobs report often carries the weight of a political paper airplane, and this latest edition just crash-landed on President Biden’s lawn, sending shockwaves through the campaign of Vice President Kamala Harris. With a paltry gain of just 12,000 jobs recorded, it becomes painfully clear that this economy is about as healthy as a three-legged dog in a race. This dismal number represents the worst jobs growth since the pandemic’s early days in December 2020, and echoes the economic woes that have haunted voters’ minds heading into the elections.
Under normal circumstances, adding 12,000 jobs might be touted as a “step in the right direction,” but historical trends suggest that the true net change might actually be a job loss when the numbers are weighed down by seasonal revisions. September, which saw a supposedly robust 223,000 jobs added, now appears to be more of a mirage than a reality, leading observers to question the administration’s credibility. Economists predicted at least a modest gain of 100,000 positions, which means the results dropped harder than a dropped ice cream cone on a hot summer day.
Harris/Biden economy in free fall. New October jobs report: Expected 100,000 jobs and only booked 12,000.
Previous months revised downward.
5 more days of this bullsh*t. pic.twitter.com/UdmbHRotK8
— XRPspider (@XRPspider) November 1, 2024
The former president has seized this occasion to highlight the administration’s failure, noting that in addition to the dismal job growth, an eye-popping 46,000 manufacturing jobs vanished during October. Apparently, having a “job growth story” might have been part of the Biden-Harris playbook, but it now feels more like a broken record skipping over each dismal report. As those in the media scramble to downplay bad news, the revised numbers months later continue to pile up—much like the laundry after a week of delays.
Boeing’s striking employees didn’t help the situation either, with their labor disruption accounting for many of those lost manufacturing jobs. Of course, the Biden administration might like to hold onto the narrative that “previously reported growth” is a victory, but reality check: a significant portion of that supposed growth was chiseled down by labor strikes and natural disasters. Apparently, the expected economic correlating factors didn’t make into the crystal ball for the so-called “experts” propping up the current administration.
To top it off, the Federal Reserve is reportedly unfazed by these troubling indicators and is planning to continue their slow rate cuts. In light of these numbers and the potential implications for employment statistics, a top economist has cautioned that growth needs to remain between 100,000 and 150,000 jobs monthly just to keep up the current unemployment rate. Given the current state of the economy, it’s safe to say that the daily optimism from the White House couldn’t even lift a feather, let alone a spirit, and with campaign season running on empty, can Harris hold the line? Only time will tell, but for now, it appears the winds favor those who have been saying: “I told you so.”
