December Jobs Numbers Way Below Expectations, ‘Experts’ Wrong Again

On Friday, the Labor Department issued the December jobs report, and as usual, “experts” were off the mark once again. The December jobs report by the Labor Department showed that employers added only 199,000 jobs, which is half of what economists expected.

Experts anticipated that around 400,000 jobs would emerge.

Republicans were quick criticize Biden’s administration for their poor numbers.

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Gains and Losses

Leisure and hospitality saw 53,000 job gains. With 43,000 job openings, professional and business service also had the highest number of jobs created.

Experts quickly attributed the Omicron variant of COVID and continuing supply chain problems to COVID. These issues apparently still haven’t been resolved.

CUNA Mutual Group Chief Economist Steve Rick said, “It is not at all surprising that this month’s jobs report fell short given the current turbulence and potential impact from the COVID-19 Omicron variant.”

Rick also added rising inflation into the mix as well adding, “Rising inflation and the ongoing supply chain crisis could have major implications for the economy as the winter progresses.”

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Unusual labor market

At the end of 2021, the American labor market is seen as one of the strangest and most abnormally unusual on record. While there are a record number of job openings, the jobs aren’t being filled.

On average, monthly job growths are around 500,000. But more Americans are leaving their jobs to seek better opportunities elsewhere. 

Ron Hetrick is a senior economist with Emsi Burning Glass which provides labor market data analytics and analysis. He believes this could be the beginning of a new wave. 

“With far more job openings than people available to fill them – as the U.S. still struggles to deal with the recent excessive permanent retirements of 2020-21, we may be getting an early glimpse of the crisis we predicted would be decades in the future. We simply do not have the labor force we need to fill our needs.”

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Biden Job Market Slide

Biden is in a downward spiral and the December employment report just adds to the problem. The Bureau of Labor Statistics revealed that in September, a record number of Americans left their jobs. 

Fox News reports that mass exodus is due to workers wanting higher wages. Pandemic fear has driven people to seek jobs that allow them to work at home. Another reason for what the Fox News report dubbed “the great resignation,” though perhaps not widely reported, were also the number of employer vaccine mandates that many employees were not willing to comply with.

However, the job market was not improving. November saw a decline in employment, as 210,000 new jobs were added. This is compared to the 550,000 expected. 

Inflation also took its toll as Americans ate their most expensive Thanksgiving dinner on record while Joe Biden and the Democrats congratulated themselves for being “the party of job growth.”

According to a Gallup poll for December, Joe Biden’s approval number stood at 43%, the fourth month in a row the number stood at 42 or 43%. Democrats may find 2022’s midterm elections a little problematic if the trend continues in job growth.