(PresidentialInsider.com)- President Joe Biden might be trying to celebrate, but the truth is that the jobs numbers for August are not good. American businesses added only 235,000 jobs in August, a shockingly weak gain after two months of substantial hiring.
Some claim that it is a clear indication that the spread of the Delta variant of COVID-19 is causing hesitancy for people returning back to work, but it’s also clear that President Joe Biden and the Democrats’ refusal to walk back the massive increase in unemployment benefits has left people willing to stay at home and take unemployment pay rather than going back to work.
The August job numbers fell short of the expectations of the national government, with the last two months both seeing jobs increases around the one million mark. June and July was a period of not just substantial hirings but also of vaccinations, as more people went out to receive the shot with the hopes of getting the economy back to normal.
August’s bad numbers is bad news for businesses large and small, as companies struggle to hire enough people to keep their businesses open.
Unemployment is dropping, but not quickly and not substantially. The number is gradually coming down and dropped to 5.2% in August from 5.4% the month before. If that number can keep on decreasing, it may ultimately see businesses be able to operate at normal capacity and may assist with bringing down consumer prices.
Sarah House, a Wells Fargo senior economist, described how the Delta variant has “taken a bigger toll on the job market than many of us had hoped” and said that it’s going to take workers much longer to come back to the job market than they thought.
Let’s hope the Democrats don’t use this as an excuse to continue those high unemployment benefits in perpetuity…