The American job market has significantly downshifted as consumers, who drive the economy, are tapped out from the ongoing cost-of-living crisis under the Biden-Harris administration.
According to Friday’s employment report, only 115,000 jobs were created in July (67,000 using the more accurate household survey).
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A recent survey found that 3 in 10 college students or recent graduates had job offers rescinded as a result of their “pro-Palestine” activism.
Intelligent surveyed 672 students or recent college graduates who have engaged in anti-Israel activism and found that 29% of them had a job offer rescinded in the past six months and 55% believe there was bias against them in the hiring process because of their activism.
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The latest Harvard Youth Poll reveals President Joe Biden has lost significant ground with voters under thirty compared to four years ago, with a 20-point decline among young men. While young Americans give Biden low marks on foreign policy and economic issues including inflation, housing, and the job market, immigration is a leading factor in young people’s departure from Democrats.
Biden currently leads Trump by thirteen percentage points (50 percent to 37 percent) among registered voters under thirty in the Harvard Youth Poll, a slightly higher margin than he has led by in other recent polls that include young people as a subset.
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The U.S. added 303,000 nonfarm payroll jobs in March as the unemployment rate ticked down to 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists anticipated that the country would add 200,000 jobs in March compared to the 275,000 jobs that were added in initial estimates for February, and that the unemployment rate would remain unchanged at 3.9%, according to Reuters. The job gains are in spite of persistent layoffs that reached a 14-month peak in March at 90,309.
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The U.S. added 187,000 nonfarm payroll jobs in August as the unemployment rate shot up to 3.8%, according to Bureau of Labor Statistics (BLS) data released Friday.
Economists had anticipated the country would add 170,000 jobs in August compared to 187,000 jobs in July, and that unemployment would remain unchanged at 3.5%, according to Reuters. The U.S. economy grew less than previously thought in the second quarter of 2023, with yearly real Gross Domestic Product being revised down from 2.4% to 2.1%.
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Monday morning on The Tennessee Star Report, host Leahy welcomed Fox News contributor and Wall Street guru Liz Peek to the newsmaker line to talk about the current economic condition, job loss, inflation, federal spending, and the possibility of a recession.
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Federal Reserve Chairman Jerome Powell acknowledged Tuesday that high inflation is indeed a serious threat to the U.S. central bank’s goal of helping to get U.S. employees back to work.
He also said the Fed will raise rates higher than initially planned if needed to slow rising prices, according to the Associated Press.
“If we have to raise interest rates more over time, we will,” Powell told the Senate Banking Committee, which is considering his nomination for a second four-year term, the wire service also reports. “High inflation is a severe threat to the achievement of maximum employment.”
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U.S. News & World Report issued its list this week of the annual best places to live, and Phoenix came in at No. 40 of the 150 most populous metro areas. The city jumped up 13 places from last year. The report emphasized Phoenix’s relatively low cost of living, warm weather, and thriving job market. The rankings are based on quality of life, job market, value of living, and desire of people to live there.
Phoenix may have scored well this year due to a stable economy. Devon Thorsby, real estate editor at U.S. News, said in a news release, “It shouldn’t be a surprise that many metro areas that saw unemployment levels skyrocket in 2020 fell in the rankings, but those with greater employment stability tended to fare well.”
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Gov. Brian Kemp announced Thursday during an interview on Fox News that Georgia will reject the federal government’s $300 per week enhanced unemployment benefits.
“What I’m seeing on the ground here is that every small business owner and the workers that are currently working, they need more people. It is hurting our productivity, not only in Georgia, but across the country,” Kemp told host Dana Perino.
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Another 630,000 Americans came off continuing unemployment claims the week ending June 27, according to the latest unadjusted data from the U.S. Department of Labor, proving President Donald Trump is right about the economy rapidly recovering from the COVID-19 pandemic state-based shutdowns.
Since the week ending May 9, unadjusted continuing unemployment claims have dropped from 22.8 million to 16.8 million the week ending June 27, a massive turnaround of 6 million Americans who temporarily found themselves on unemployment benefits but then rapidly came off of it on a net basis.
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