That’s a deeply disturbing headline you’re not going to see just about anywhere else.
We reported on Friday that the latest jobs report showed no gains in private jobs in the survey of business hiring. But the smaller survey of households was much worse. It counted 368,000 fewer Americans working.
A year ago there were 370,000 more people working than today. Is this an economy on the mend?
There are two explanations for this troubling trend. One is that business hiring is slowing down – as we reported last week. The other is that baby boomers are retiring at a pace of thousands each day, and there aren’t enough young people entering the workforce to replace them.
The media falsely reported that the bad jobs report on Friday was entirely due to storms and strikes. Wrong. People are still counted as employed in the household survey even if they didn’t work due to a temporary stoppage, like a strike or a weather event.
America needs more jobs AND more workers and Biden’s policies are subtracting both.