Use code TPM for up to 66% off at MyPillow.com

ADVERTISEMENT

Biden celebrates 'historic' jobs report despite falling short of forecasts

"I think it's a historic day for our economic recovery. Today's national unemployment rate fell below 4 percent, to 3.9 percent. The sharpest one-year drop in unemployment and United States history," said Biden.

ADVERTISEMENT
Image
Hannah Nightingale Washington DC
ADVERTISEMENT
ADVERTISEMENT

On Friday, President Joe Biden celebrated the publishing of December's jobs report, calling the moment "a historic day for our economic recovery," despite the number of jobs gained that month falling short of economists' forecasts.

"This morning, I want to talk about — I think it's a historic day for our economic recovery. Today's national unemployment rate fell below 4 percent, to 3.9 percent. The sharpest one-year drop in unemployment and United States history," said Biden.

"For the first time, the unemployment rate has been under 4 percent in the first year of a presidential term in 50 years," he continued

"3.9 percent unemployment rate, years faster than experts said we'd be able to do it. And we have added 6.4 million new jobs since January of last year, in one year. That's one of the most that's the most jobs in any calendar year by any president in history," Biden added.

Biden credited the successes he had seen to the passing of the American Rescue Plan in March of 2021, helping American get vaccinated, and getting "the economy off its back and moving again."

Despite Biden's high praises of the December jobs report, the number of jobs passed in December sharply missed that projected by economists.

"The Labor Department said in its monthly payroll report released Friday that payrolls in December rose by 199,000, sharply missing the 400,000 jobs forecast by Refinitiv economists," reported Fox Business.

Despite the jobs market gaining momentum since the Delta variant slowed hirings down over the summer, the figure marks a second consecutive month of worse than expected job growth. Fox Business noted that the last time the job growth was as slow as December was one year prior in December of 2020, where employers cut 306,000 positions.

The slow job growth came during a period where employers are still struggling to hire new employees due to factors like a lack of childcare, virus fears, and large stimulus savings.

"Today's jobs report is a disappointing bookend to a historic year in the job market," Daniel Zhao, senior economist at Glassdoor told Fox Business. "The year ended on a sour note, with job gains slowing even more than in November. New and unpredictable waves of COVID-19 variants threaten to throw the recovery into reverse, showing that we're still at the mercy of the pandemic."

Others expressed their concerns with the lackluster jobs report for December, noting that the job growth reported was less than half of that expected by economists.

ADVERTISEMENT
ADVERTISEMENT
N/A by N/A is licensed under N/A

Join and support independent free thinkers!

We’re independent and can’t be cancelled. The establishment media is increasingly dedicated to divisive cancel culture, corporate wokeism, and political correctness, all while covering up corruption from the corridors of power. The need for fact-based journalism and thoughtful analysis has never been greater. When you support The Post Millennial, you support freedom of the press at a time when it's under direct attack. Join the ranks of independent, free thinkers by supporting us today for as little as $1.

Support The Post Millennial

Remind me in September

We will use this to send you a single email in September 2020. To find out what personal data we collect and how we use it, please visit our Privacy Policy

ADVERTISEMENT
ADVERTISEMENT
By signing up you agree to our Terms of Use and Privacy Policy
ADVERTISEMENT
© 2022 The Post Millennial, Privacy Policy