JUST IN: Jobs Report is a Train Wreck for Biden

The latest jobs numbers out of the U.S. Labor Department are a troubling sign that the economy and unemployed Americans are still reeling from the effects of Bidenomics.

According to Friday’s number, unemployment has ticked up to 4.1% according to the Wall Street Journal, signaling some slack among employers in the face of high interest rates. The Labor Department also reported that 206,000 jobs were added in June, though observers expect to see that number revised downward in the months ahead. On X, the Kobeissi Letter, which tracks movements in global markets, highlighted the agency’s tendency to downwardly revise jobs reports weeks or months after they are released to initial fanfare.

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For example, figures for April and May were both revised downward by approximately 111,000 fewer jobs than first reported. The change is the latest in 10 of the past 15 jobs reports, a sign that expectations are struggling to meet reality and that President Biden’s economists are quick to tout gains that later deteriorate upon closer inspection.

The Kobeissi Letter further added that, in net terms, the U.S. economy only added 95,000 jobs this month while the Journal pointed out that hourly earnings reached their lowest rate of increase since 2021. At the same time, the labor force participation rate has ticked up, indicating that more working-age Americans are seeking jobs at a time employers are hitting pause on new hires.

BREAKING: BOTH May and April jobs report numbers were just revised lower by a combined 111,000 jobs.

The May jobs report was revised from 272,000 to 218,000 while the April jobs report was revised from 165,000 to 108,000.

This means that 10 out of the last 15 monthly jobs… pic.twitter.com/JdrvMolGg3

— The Kobeissi Letter (@KobeissiLetter) July 5, 2024

Officials at the Federal Reserve continue to closely monitor the overall health of the economy. Last month chairman Jerome Powell held interest rates steady, declaring that markets are not ready to absorb the energy that lower rates would bring to hiring and consumer spending, which remains elevated. Liberals such as Sen. Elizabeth Warren (D-MA) have accused the Fed chair of halting economic progress by refusing to lower rates while critics have accused Warren and supporters of the administration of seeking to hastily reduce rates in order to help Biden’s reelection chances.

President Biden is largely powerless to enact his agenda or otherwise influence the economy while he remains fettered by widespread fear that he may not continue his campaign. On Friday, ABC’s George Stephanopoulos will interview Biden for his first sit-down since a disastrous debate last week against President Trump, one which network executives worry may be limited to just 15 minutes by the president’s handlers. A source close to the president told the New York Times that Biden is giving serious consideration to dropping out, with the person warning that further missteps could spell an irreversible turn of fortune. Others in the Democratic Party, including former President Barack Obama, have voiced their concern and suggested that Biden step aside to allow for a younger, more pugnacious candidate to take his place on the ballot in November.

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