The unemployment rate in the U.S. rose to 4.3% in July as job growth numbers fell short of the government’s target.
Data from the Bureau of Labor Statistics on Friday showed that only 114,000 jobs were added in July — a steep decline from the 185,000 figure shared by analysts.
That’s not all, however.
Apart from failing to meet expectations with job growth, unemployment reached its highest point since October 2021, per the Daily Wire.
“The unemployment rate rose by 0.2 percentage point to 4.3 percent in July, and the number of unemployed people increased by 352,000 to 7.2 million,” the bureau’s report states
“These measures are higher than a year earlier, when the jobless rate was 3.5 percent, and the number of unemployed people was 5.9 million,” it continues.
The bureau pointed out that Hurricane Beryl, which impacted Texas on July 7, did not contribute to the unemployment numbers.
“Hurricane Beryl had no discernible effect on the national employment and unemployment data for July, and the response rates for the two surveys were within normal ranges,” the bureau stated.
The data showed that unemployment increased among men and White individuals.
“Among the major worker groups, the unemployment rates for adult men (4.0 percent) and Whites (3.8 percent) increased in July. The jobless rates for adult women (3.8 percent), teenagers (12.4 percent), Blacks (6.3 percent), Asians (3.7 percent), and Hispanics (5.3 percent) showed little or no change over the month,” the report said.
An economist for the Heritage Foundation, E.J. Antoni, indicated that Americans have dealt with job losses since 2023.
On Friday, Antoni noted that Americans have lost over 1 million jobs as employment for foreign-born people grew.
“Over the last year, native-born Americans have LOST 1.2 million jobs while foreign-born employment has increased 1.3 million; we’re just swapping out American workers at this point, not growing the pie for everyone,” Antoni said.
As jobs in the information industry declined, employment expanded across several sectors, including healthcare, construction, transportation and warehouse industries, as reported by the Daily Wire.
Employment in the information industry was reduced by 20,000, while 55,000 jobs were added in healthcare, 14,000 in transportation and 25,000 in construction.
The report led some members of Congress to express concerns that the economy would continue to decline, as increasing inflation affects consumers.
Rep. Jim Banks (R-IN) criticized the Biden administration for the unemployment rate and said voters must reject Vice President Kamala Harris in November to achieve a stronger U.S. economy.
“We must replace Kamalanomics with MAGAnomics if we want to avoid a recession! Choose wisely in November!” Banks said.
We must replace Kamalanomics with MAGAnomics if we want to avoid a recession!
— Jim Banks (@Jim_Banks) August 2, 2024
Choose wisely in November! https://t.co/hn8JYIt1GA
Banks’ comments were in response to remarks by economist John Lonski, who appeared for an interview on Fox Business and expressed his belief that the country could be heading toward recession.
“I’m beginning to smell a recession coming into view… this jump by the unemployment rate, my goodness, 4.3 percent this is up sharply from not long ago,” Lonski said.
Under President Joe Biden, inflation increased and the economy has diminished. Many on the right have attributed to the president’s economic policies as “Bidenomics.”
Source: www.resistthemainstream.com
