Huge Jobs Report Miss — Just 235,000 jobs created compared to 725,000 prediction.
Even CNN can’t cover it up.
CNN on the August jobs report “a BIG disappointment” and a “big miss.” pic.twitter.com/lSSVA7O8oW
— House Republicans (@HouseGOP) September 3, 2021
Another disastrous economic report for the administration… Of course no one will cover it because Joe’s doing a such great job In every other aspect of his presidency so they’ll give him a pass on this. How long do you think this is sustainable for? https://t.co/lY0nhhOsae
— Donald Trump Jr. (@DonaldJTrumpJr) September 3, 2021
Zero Hedge reported:
Huge Jobs Miss As US Adds Just 235K Jobs In August
As we previewed earlier, while consensus for today’s closely-watched payroll print was 725,000, a drop from last month’s 943K, the whisper expectation was for a number decidedly lower, with BMO underscoring this point noting that the August NFP print has a seasonal tendency to underwhelm estimates in August, doing so 75% of the time and beating 25% of the time by 18k and 47k, respectively, on average.
And sure enough, moments ago the BLS reported that in August just a paltry 235K jobs were added, far below the 725K expected, and a huge drop to last month’s upward revised 1.053MM. While we expect that the pundits will quickly blame the resurgence of covid in August, manifesting itself in zero jobs added in leisure and hospitality, the reality is that the US economy is rapidly slowing even as inflation continues to soar, positioning the US squarely for a stagflationary crash and putting the Fed’s tapering plans squarely in doubt.
Breaking News
Jobs Report Huge Miss
There will be lots of excuse-making about the BLS jobs report coming in significantly below consensus (whisper numbers were higher).
There are 10,000,000 job openings. Delta played a role but there are much deeper issues= workers’ strike. https://t.co/HCfz1cdJmR
— Charles V Payne (@cvpayne) September 3, 2021
Black Unemployment Rate Surges–
Jobs Report Disaster
Details are even more disappointing.
Black unemployment rate surged to 8.8% from 8.2%. This would be top story/take if Trump were in office but won’t be mentioned anywhere today (Powell will take note).
0 Leisure jobs
-3K Construction
-28.5K Retail
— Charles V Payne (@cvpayne) September 3, 2021
The post Huge Jobs Report Miss: Just 235K Jobs Added to US Economy When Experts Predicted 725K — Black Unemployment Rate Surges appeared first on The Gateway Pundit.
