The November jobs report that came out on Friday showed poor numbers for the U.S. economy, with growth in new jobs not even reaching 50% of what financial experts had predicted.
Making the news worse, the disastrous jobs numbers arrived before the U.S. government and the mainstream media triggered a panic over the new Omicron variant of the novel coronavirus.
“Nonfarm payrolls increased by just 210,000 for the month,” CNBC reported, noting that the “Dow Jones estimate was for 573,000 new jobs.”
The unemployment rate also fell slightly to 4.2%. The retail sector lost 20,000 jobs last month while transportation and warehousing added 50,000 jobs and professional and business services added 90,000.
The latest job numbers are another issue that the Biden administration has to contend with as polling has shown that the overwhelming majority of Americans are worried about skyrocketing inflation. Some experts have recently warned that Biden’s Build Back Better agenda could further exacerbate inflation problems.
Federal Reserve Chairman Jerome Powell said this week that he expects high inflation to continue well into 2022 and that the U.S. government should stop trying to portray the situation as “transitory.”
“So I think the word transitory has different meanings to different people,” Powell told Sen. Pat Toomey (R-PA) during a Senate hearing on Tuesday. “To many, it carries a time, a sense of short-lived. We tend to use it to mean that it won’t leave a permanent mark in the form of…
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