The July jobs report from the Bureau of Labor Statistics (BLS) has revealed the highest unemployment rate in almost three years.
“I’m beginning to smell a recession coming into view,” said economist John Lonski speaking on Fox News. “This jump by the unemployment rate, my goodness, 4.3 percent, this is up sharply from not long ago.”
According to the latest report, the unemployment rate rose from 4.1 percent to 4.3 percent, which is the highest unemployment rate since October 2021, when the rate was 4.5 percent as the economy was beginning to recover from the COVID-Era government lockdowns.
The BLS data shows that while many sectors saw job growth, the drop in jobs came primarily from tech and information workers.
The economy saw only 114,000 jobs added last month, which was significantly below the projected 175,000 forecasted jobs added, and below the 179,000 added the previous month.
In addition to an increasing unemployment rate, the number of workers seeking full-time employment but who were only able to find part-time work rose by 346,000 last month.
While economists such as Lonski have said that the poor labor data suggests a coming recession, the mainstream media has attempted to assuage some fears as the election approaches.
The Wall Street Journal acknowledged the concerning signs but also suggested that the numbers may have been negatively affected by Hurricane Beryl rather than economic or political factors.
That theory, however, is directly addressed and debunked in the BLS report.
“Hurricane Beryl had no discernible effect on the national employment and unemployment data for July,” said the BLS.
July’s report continues a negative trend for the Biden-Harris administration’s economy, which President Joe Biden has consistently denied.
Despite most of the job gains achieved since Biden’s inauguration in Jan. 2021 being attributable to the lifting of state and federal lockdown policies, Biden and his communications team frequently taken credit for “creating” those jobs.
“Average unemployment has been lower than during any administration in 50 years, and incomes have risen faster than prices. Today’s report shows employment is growing more gradually at a time when inflation has declined significantly. Business investment remains strong thanks in part to our investing in America agenda, which is creating good-paying jobs in communities that have been left behind,” said President Biden.
Following a May jobs report, the Biden and his allies in the mainstream media celebrated an alleged increase in job openings as an indication of the positive effects of Biden’s policies.
However, nearly all the job openings were actually government jobs which, far from adding to the economy, take away from it because government jobs are funded by money taken mostly from productive private sector workers.
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