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November Jobs Report Is One Of The Worst Since Biden Took Office


Reported by HARRY WILMERDING | CONTRIBUTOR | December 03, 2021

Read more at https://dailycaller.com/2021/12/03/november-jobs-report-joe-biden-jerome-powell/

President Biden Arrives Back At The White House
Anna Moneymaker/Getty Images

CORRECTION: This story has been updated to reflect that the number of jobs created in November is among the lowest initially reported for a single month in 2021.

The U.S. economy added 210,000 jobs in November, marking nearly the lowest number of jobs created in a month since President Joe Biden took office in January.

November’s jobs report was well below economists’ estimate of 573,000, according to CNBC. Additionally, unemployment fell to 4.2% from October’s 4.6% figure, according to the Bureau of Labor Statistics. 

The U.S. economy, still recovering from the COVID-19 pandemic but now subject to uncertainty related to the Omicron coronavirus variant, appeared to slow in momentum in November, The Wall Street Journal reported.

“Just as Delta derailed the recovery in terms of the labor market, if Omicron behaved like that, I would guess it would hold back any recovery in the labor market,” Justin Weidner, an economist at Deutsche Bank, told the WSJ.

“Greater concerns about the virus could reduce people’s willingness to work in person, which could slow progress in the labor market and intensify supply-chain disruptions,” Federal Reserve Chairman Jerome Powell said in Senate Banking Committee testimony on Tuesday.

The BLS initially reported that 194,000 jobs were added to the economy in September, the lowest number of new jobs for a single month in 2021, but that figure was revised substantially in October to 312,000 jobs, CNBC reported.

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Inflation Surges To Highest Level In 30 Years


Reported by HARRY WILMERDING | CONTRIBUTOR | November 10, 2021

Read more at https://dailycaller.com/2021/11/10/inflation-consumer-price-index-bureau-labor-statistics/

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(Photo by MANDEL NGAN/AFP via Getty Images)

The Consumer Price Index increased 0.9% in October, bringing the key inflation indicator’s year-over-year increase to 6.2% as supply shortages continue and demand grows, the U.S. Bureau of Labor Statistics announced Wednesday. The year-over-year inflation figure is an increase from September’s 5.3% level, marking the highest level in 30 years, according to the Bureau of Labor Statistics (BLS) report. Economists surveyed by The Wall Street Journal projected the CPI would increase to just 5.9% in October.

The core price index, which excludes volatile categories like food and energy, jumped 0.6% in October, an increase from September’s 0.2% figure, according to the BLS. 

“I do think we’re moving into a new phase where inflation is broader and where things are going to get a little more intense,” Laura Rosner-Warburton, senior economist at MacroPolicy Perspectives, told the WSJ. “Part of that reflects that [supply-chain] bottlenecks are not resolved going into the holiday season, when a lot of purchases get made, and that the economy is doing really well, so you have strong demand.”

Food prices increased 0.9%, the same increase experienced in September, while the energy index jumped 4.8%.

Additionally, the Producer Price Index (PPI), which measures inflation at the wholesale level, rose 8.6% year-over-year as of October, the BLS announced Tuesday. The Federal Reserve announced on Nov. 3 that it would begin scaling back its monthly bond purchases by $15 billion starting in November to combat growing inflation. The Fed did not say it would raise interest rates from around the current near-zero level.

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