Today’s dismal jobs report was portrayed by President Joe Biden as a positive gloss. He praised the general employment gains made during his presidency and stressed that inflationary pressures Americans currently face are not their fault.
According to the Bureau of Labor Statistics, the U.S. added 210,000 jobs last November. The majority of this growth was in the transportation, warehousing and manufacturing sector.
However, retail jobs declined. Globally, unemployment fell to 4.2 percentage points.
The report’s top line numbers are significantly lower than those predicted by economists for 575,000 additional jobs. The Wall Street Journal According to reports, November’s figures represent the lowest level of job growth in December since January and significantly less than the 546,000 jobs that were added in October.
Like past job reports, the jobs report for this month could be revised upward. He quickly claimed the victory of any job growth.
We can look back on an exceptional year of progress this year. Biden said at a White House press conference that “our economy is significantly stronger than last year” and added, “Our unemployment rate has dropped to 4.2 percent.” It’s an indication that we are on the right path.
The president stated that, in addition to the creation of jobs, progress was being made on supply chain issues. Citing the stat that more containers remained at ports Los Angeles and Long Beach for over eight days, it was down by 40% over the month.
Biden stated, “They are getting off of the docks and into trains, trucks, and into vehicles to get them into storage shelves.”
These ports are more complicated than the official picture. While there is a decline in the number containers that remain for more than eight days, FreightWavesA logistics publication called, reports that more containers have been stuck at Port of Los Angeles over the past 13 days.
From Wednesday, a piece FreightWaves Also, it is noted that there has been no decrease in the number container ships waiting for unloading at these Southern California ports. The article states that the declining number of stalled vessels is merely due to more ships being too far away from ports.
Biden spoke out against the 6 percent inflation Americans currently experience. He said that the pandemic is affecting other countries as well and was trying to lower prices. He cited his recent decision to pull 50 million barrels oil from strategic reserves, which was responsible for the fall in wholesale gas prices.
He stated that he also would request the Federal Trade Commission to investigate whether wholesale prices were passed to Americans at their pumps.
Some commentators weren’t as optimistic about the numbers of new jobs than Biden.
Sean Higgins of the Competitive Enterprise Institute is a researcher and said that reports of job growth were “a worrying sign that the economic system is being battered” by the supply crisis, as well as the Biden administration’s efforts to force workers into getting vaccinations.
Stocks have fallen since the news of the spread of an omicron variant was announced. Biden stated today at the press conference that his administration will be launching a campaign to get booster shots for vaccinated children and establishing new clinics for family vaccination.
Biden was asked by a reporter whether he would require domestic travelers to have a vaccination. However, he said that he believed the existing requirement that all interstate trains and air passengers wear masks sufficed.