(RepublicanNews.org) – Job growth is down sharply despite the President claiming that it is now “indisputable” that his administration’s policy of “Bidenomics” is giving the American economy the jolt it desperately needs. Private sector employment significantly slowed in the month of August and it did so at a rate that exceeded the expectations of most economists.
Data from ADP shows that just 177,000 private sector jobs were added during the month. The total was a drop of more than 100 percent compared to numbers from July, which saw 371,000 jobs from the same category added to the economy.
A survey conducted by Reuters that polled a number of economists projected that August would see 195,000 jobs added. A poll taken by Dow Jones predicted a slightly higher addition of 200,000 jobs. While economists in both cases anticipated a cooling labor market, they failed to predict the extent to which it would do so.
ADP’s chief economist, Nela Richardson, said the latest statistics “are consistent” with the trajectory of numbers prior to the pandemic beginning. Richardson referred to the downtrend as “sustainable growth” that appeared bound to follow a period of “exceptional gains” related to the post-pandemic recovery.
The leisure and hospitality industries were hit hardest, with only 30,000 jobs being added in August versus the 201,000 that were added during the previous month. The August tally puts the drop at more than 650 percent month over month.
On August 25th, the White House uploaded a video to Twitter in which the President touted his economic successes by standing in front of a blank whiteboard with digital representations of data made to look like handwriting and drawings. The visuals were clearly added after the President’s scripted remarks and his only interaction with the board was to add six checkmarks, one arrow, and one number to it.
Memes of the presentation began appearing on social media within minutes.
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