The data in the latest jobs report reveals “another gathering economic storm cloud under President Biden,” Job Creators Network President Alfredo Ortiz writes in an op-ed for the Daily Caller.
Ortiz writes:
Cracks in the labor market and the broader economy continue to emerge. The October jobs report released Friday morning reveals that only 150,000 jobs were created last month, below expectations and well below the recent average. August and September job creation was revised down by more than 100,000, taking the sheen off the September jobs report.
The unemployment rate rose to 3.9%. While this figure is still low, there are now nearly one million more unemployed Americans than in April of this year.
Job creation continues to disproportionately occur in unproductive government jobs, which incredibly made up over one-third of all new jobs last month. Perhaps most concerning, real wages declined last month, making Americans poorer.
Read the rest here.