The U.S. economy added far fewer jobs than expected in December, the Labor Department said Friday. The U.S. added 199,000 jobs in December, far fewer than the 422,000 estimate.
CNBC’s Steve Liesman said the jobs report is “another big miss”, officially becoming the worst jobs report of Joe Biden’s presidency so far. Biden, however, called it a “historic day” in remarks he made over the report at the White House.
CNBC’s Steve Liesman:
CNBC’s Steve Liesman says the December jobs report is “another big miss." pic.twitter.com/viL0vsRcpt
— RNC Research (@RNCResearch) January 7, 2022
Meanwhile, 79-year-old Joe Biden claimed, in part on Friday, over the dismal jobs report: “I think it’s a historic day”.
Biden on the worst jobs report of his presidency, which missed experts' expectations by MORE THAN HALF: "it's an historic day" pic.twitter.com/hdC8kbRp9Y
— RNC Research (@RNCResearch) January 7, 2022
House Minority Leader Kevin McCarthy (R-CA) commented on the jobs report and wrote on Twitter Friday, “The world’s greatest economy is being smothered by Washington Democrats’ government overreach. Today’s jobs report is another massive miss, falling 200,000 jobs short of expectations.”
“In less than 12 months, the Biden admin has sabotaged what should’ve been a V-shaped recovery,” he said.
The world’s greatest economy is being smothered by Washington Democrats’ government overreach. Today’s jobs report is another massive miss, falling 200,000 jobs short of expectations.
In less than 12 months, the Biden admin has sabotaged what should've been a V-shaped recovery.
— Kevin McCarthy (@GOPLeader) January 7, 2022
Average hourly earnings rose more than expected as the U.S. sees its fastest inflation pace in nearly 40 years. Wages climbed 0.6% for the month and were up 4.7% year over year. That compares with respective estimates of 0.4% and 4.2%, CNBC reported.
MSNBC’s Stephanie Ruhle noted of the wages, “Even with higher wages, inflation is moving up quicker. You may be going home with a bigger paycheck, but it’s basically meaningless when your grocery bill and your gas bill are higher”.
MSNBC's Stephanie Ruhle: "Even with higher wages, inflation is moving up QUICKER. You may be going home with a bigger paycheck but it's basically meaningless when your grocery bill and your gas bill are higher" pic.twitter.com/OOGbHC8T0v
— RNC Research (@RNCResearch) January 7, 2022
Meanwhile, Steve Cortes tweeted a CNBC survey/chart over the disapproval on inflation:
In light of the severe #JobsReport miss today, a look at Biden's dreadful polling on economic issues (CNBC survey, chart from @PollsandOdds).
Note Biden 72% Disapproval on Inflation and 66% Disapproval on "Helping your wallet" — a national Crisis of Confidence… pic.twitter.com/t51uRP4cSV
— Steve Cortes (@CortesSteve) January 7, 2022
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