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New numbers from the U.S. Bureau of Labor Statistics showcased weak job numbers and slightly rising unemployment in America, striking a blow to Joe Biden’s so-called “Bidenomics” approach.
According to the official report, total nonfarm payroll employment increased by 175,000 in April, and the unemployment rate rose slightly to 3.9 percent. LBS reported that gains in the job market took place in social assistance, transportation, health care, and warehousing.
Further, “Both the unemployment rate, at 3.9 percent, and the number of unemployed people, at 6.5 million, changed little in April. The unemployment rate has remained in a narrow range of 3.7 percent to 3.9 percent since August 2023.”
According to CNBC, inflation is still significantly higher than the Federal Reserve’s preferred level, which would be around two percent. Additionally, as prices have continued to spike on goods and services, there has been increased pressure for an increase in wages.
The latest jobs market numbers look pretty negative for Joe Biden’s “Bidenomics” in 2024, especially as he is facing an anticipated presidential rematch with President Donald Trump in November.
On Friday morning, Trump weighed in on the new job numbers on Truth Social, his free speech platform. He wrote, “HORRIBLE JOB NUMBERS JUST ANNOUNCED. A BIG MISS FROM FAKE ESTIMATES. THEY SHOULD HAVE ASKED ME TO GIVE THE FORECAST. BIDEN IS DESTROYING OUR COUNTRY!!!”
President Trump was in New York City on Friday, where he is attending an ongoing criminal court in Manhattan. He spoke briefly with the press about the new jobs report, calling it “horrible” and noting that “these people are destroying our country – here’s another sign of it.”
He added, “It’ll only get worse.”
Ahead of Friday’s new jobs report, Trump visited Wisconsin and Michigan this week on the campaign trail, where he focused heavily on replacing Bidenomics with “Maganomics.”
He told Wisconsinites in Waukesha, “On day one of my new administration we’re going to throw out Bidenomics and replace it with MAGANOMICS! And upon taking office, I will impose an immediate moratorium on all new spending grants and giveaways under Joe Biden’s mammoth socialist bills like the so-called Inflation Reduction Act.”
