New data from the Bureau of Labor Statistics (BLS) show a significant increase in the number of US workers taking part-time jobs for economic reasons compared to the previous month.
BLS liberated Friday’s monthly employment situation report showed 452,000 part-time jobs were added in June due to economic reasons, with more Americans unable to find full-time employment or indicates that workers are not given enough time to qualify for employment. full time. The numbers come as President Joe Biden tours the country trying to convince Americans that his economic policies, dubbed “Bidenomics,” are working for them. (Related: EJ Antoni: ‘Bidenomics’ can be summed up in just one word)
“This shows that Bidennomics is suffocating the labor market. People are increasingly looking to shift from part-time jobs to full-time jobs, but companies are doing the exact opposite. E.J. Antoni, a researcher at the Heritage Foundation Grover M. Harman Federal Budget Center, told the Daily Caller News. The foundation referenced 452,000 additional part-time jobs in June. “It’s very common to see a decline in full-time job openings in the months leading up to a recession.”
#job report Jun is lackluster, #recession indicator…
209,000 employees added – lowest in 2.5 years
Unemployment rate: 3.6%, up 0.2% year-to-date— EJ Antoni (@RealEJAntoni) July 7, 2023
Pete Earle, an economist at the National Bureau of Economic Research, also has a bleak view of the president’s economic policies, blaming job gains so far on the recovery from the coronavirus pandemic.
“It’s hard to know what Bidennomics stands for,” Earle said in a statement to the DCNF. “For years, the current administration has credited its job growth to the ongoing pandemic recovery rather than growth-promoting policies. It was facilitated by the expansionary monetary policy and fiscal stimulus of the era, both of which were implemented under the previous administration.”
“The only policy that Bidennomics is clearly characterized as dedicated to is massive government spending and burgeoning regulation,” Earl said.
Jobs fell short of expectations in June, with only 209,000 US jobs added. Reuters survey of economists.The numbers were well below that. report Private payroll firm ADP revealed 497,000 new jobs for private employees in June.
The BLS also lowered its employment estimates for May and April, showing that the country added 110,000 fewer jobs than previously reported.
Earle said the jobs report still needed a rate hike after the Federal Reserve announced a moratorium on keeping rates between 5% and 5.25% at the Federal Open Market Committee meeting in June. I think it shows signs that it is.
“The rise in part-time employment and rising underemployment rates reveal a growing weakness in the job market,” Earle told DCNF. “However, year-on-year increases in average hourly wages and participation rates among 21- to 54-year-olds, which hit a 21-year high in June, will strengthen the Fed’s hawkish stance. Rates will rise further. .”
All content produced by the Daily Caller News Foundation, an independent, nonpartisan news distribution service, is available free of charge to legitimate news publishers capable of serving large audiences. All reissues must include our company logo, press byline, and DCNF affiliation. If you have any questions about our guidelines or partnering with us, please contact us at licensing@dailycallernewsfoundation.org.
