Now THIS, ladies and gents, is indeed Bidenomics at work.
We're of course standing by waiting to see how our friends on the Left and in the media (same diff) are going to spin THIS nugget of awful.
Watch:
AUGUST JOBS REPORT: "Unemployment rate goes up in a big way" pic.twitter.com/pxAAtP1dqW
— RNC Research (@RNCResearch) September 1, 2023
In case Democrats forgot how to count, 3.8 is MORE THAN 3.5 and when unemployment goes UP, that's not a good thing. Basic math.
And speaking of basic math, guys, it's so much worse than they're even saying. Check out this thread:
Terrible numbers in Aug #JobsReport and it gets worse with the increasingly suspicious "revisions"...
— EJ Antoni (@RealEJAntoni) September 1, 2023
Here's a deep-dive, plain English 🧵 with what you need to know... pic.twitter.com/3Pdba7u1gb
TERRIBLE numbers.
First, the headlines: 187k nonfarm payrolls added as unemployment rate climbs to 3.8%
— EJ Antoni (@RealEJAntoni) September 1, 2023
But last two months just lost 110k jobs in downward revisions - meaning 59% of the jobs "gained" in Aug were jobs we thought we already had: pic.twitter.com/ILNJCxR1Fc
Yikes.
We're guessing that's something they won't be reporting in the news.
While we're on the "revisions" topic - every month this year has been revised down w/ a huge cumulative effect: 355k overestimation, and over 300k from preliminary benchmark, meaning total downward revision of 661k - that's 30% of all the jobs we thought we added this year: pic.twitter.com/zfBCnSeTrl
— EJ Antoni (@RealEJAntoni) September 1, 2023
Recommended
Not experts but we're pretty sure red lines going DOWN ... that's not a good thing.
514k jump in unemployed resulted in large part from labor force increasing 736k - one of the few pieces of good news in the report since we want to see more people working, but returning to work b/c of a cost-of-living crisis isn't a great sign; LFPR still depressed vs. Feb '20: pic.twitter.com/2gJ7zTyNxk
— EJ Antoni (@RealEJAntoni) September 1, 2023
So retirees are going back to work because their fixed incomes no longer work for them?
WHOOHOO BIDENOMICS!
Manufacturing continues its anemic performance this year, as predicted by Fed regional bank surveys and others, sector has added less than 0.1% jobs YTD - important b/c manufacturing tends to lead rest of economy as we head into recession: pic.twitter.com/Nb8ZUPQD65
— EJ Antoni (@RealEJAntoni) September 1, 2023
Anemic.
Yeah, that ain't good either.
Average hourly earnings rose a meager 8 cents and weekly earnings rose just $6.13 - w/ Aug CPI report, real hourly and weekly earnings will be in the red again M/M and way down from when Biden took office: pic.twitter.com/RenUWGGi4X
— EJ Antoni (@RealEJAntoni) September 1, 2023
But Biden has told us time and time again they're building an economy from the middle class out ... huh. Who knew they were totally full of crap? KIDDING, WE KNEW ALL ALONG.
TLDR: labor market is proceeding, as expected, into a stall and early data is nowhere near as robust as originally projected; #recession still likely to begin around year's end - behold the bitter fruit of monetary malpractice and fiscal profligacy... pic.twitter.com/14qoQBIfPs
— EJ Antoni (@RealEJAntoni) September 1, 2023
We're in trouble, folks.
***
Related:
Philip Bump melts down after being HUMILIATED over Biden on podcast (host then DROPS him on Twitter)
Gold star dad goes SCORCHED EARTH on Biden, holds NOTHING back and it's simply SPECTACULAR (watch)
I'm about to tell the truth. QUICK, ALERT THE AUTHORITIES!
***
Editor's Note: Do you enjoy Twitchy’s conservative reporting taking on the radical left and woke media? Support our work so that we can continue to bring you the truth. Join Twitchy VIP !
Join the conversation as a VIP Member