Former President Donald Trump labeled his successor a “one trick pony” after the Biden administration said employers had added just 210,000 jobs in November.
That number fell short of economists’ forecasts, though the White House shouted it out as a sign America was getting back to work.
“America has cut 340,000 jobs under the very modest expectations of economists,” Trump said in an emailed statement.
That’s because Joe Biden is a one trick pony: ‘Get the vaccine.’ But nobody trusts this administration.’
The latest figures suggest companies are still cautious about hiring as the coronavirus pandemic continues.
The data was collected by the Department of Labor ahead of Wednesday’s announcement that the Omicron variant of COVID-19 has been found in the US
Still, Biden said unemployment had fallen faster under him than under any other president in their first term.
That brought a tantalizing response from Trump, who said his vaccine was the only thing that worked as Americans battled record gas prices and inflation.
Former President Trump described Joe Biden as a “one trick pony,” as he criticized his performance and the government’s latest job figures on Friday.
The US economy added just 210,000 jobs in November, which is 340,000 fewer than the projected 550,000 jobs, a sign that companies are still wary of the coronavirus pandemic. The data was collected before Wednesday’s announcement that Omicron was in the US
“This administration is destroying America before our very eyes because there is no leadership,” he said.
“Besides my vaccine, this is the administration of no jobs and mass layoffs, high gas and energy prices, high crime, empty shelves, open borders and a horrific surrender and evacuation from Afghanistan.
“A lot of effort and money has gone into rigging the 2020 presidential election just to destroy the country. Was it worth it?’
News of the jobs numbers emerged while White House press secretary Jen Psaki was on live television doing a roundtable for MSNBC’s Morning Joe as the numbers dropped.
“That’s a song that feels a bit, what? A little off?’ co-host Mika Brzezinski asked, as economists had predicted 550,000 jobs would be created.
Psaki said she was not yet able to publicly comment on the Labor Ministry report.
“Well, I know this sounds a bit archaic, but I can’t respond to it until 9:30 am, according to the rules because I work in the White House,” Psaki said. “I’ll say what people can expect the president to continue to say today, month by month, is that what we’re seeing are good trends.”
President Joe Biden welcomed the news and said America was back at work.
“Today we have incredible news that our unemployment rate has fallen to 4.2% – a level experts didn’t expect to reach until 2024,” he tweeted.
“We’ve created an average of 588,000 jobs per month this year, a record.”
Unemployment fell to 4.2 percent, the lowest since the start of the corona crisis. In October it was 4.6 percent.
The US has regained 83 percent of the jobs lost as a result of the pandemic.
White House press secretary Jen Psaki was briefed on live television about the modest number. She said on MSNBC’s Morning Joe that she couldn’t comment on the report until 9:30 a.m., but said there were “good trends” in general in the economy.
President Biden hailed the numbers as ‘incredible news’, despite being below forecasts
In addition, wages rose.
White House Chief of Staff Ron Klain tweeted that the labor participation rate also increased.
It is at the fastest pace since March 2020, when the pandemic led to widespread closures and lockdowns.
Nada Eissa, an economics professor at Georgetown University, said Friday on CNBC that the rise in the employment rate was “encouraging.”
‘We still have a long way to go. And I’m concerned that we might end up with a permanently lower workforce given the trends with the kind of older workers leaving the workforce,” she added. “We’ll see how it develops, but at the moment it looks good.”
Austan Goolsbee, who served in the Obama administration, also said on CNBC: “This big layoff, I think, is to a large extent the ‘I’m not working for anyone else, I’m starting my own thing,’ you.” have seen record levels of business formation.”
The numbers come after a better October, when employers added 531,000 employees to their payroll.
October saw the best numbers since July, before the Delta variant of COVID-19 slammed recruiting.
Treasury Secretary Janet Yellen warned Thursday that Omicron could pose a “significant” risk to the global economy.
“Hopefully it’s not something that will slow economic growth significantly,” Yellen said in an interview with Reuters. ‘There is’ a lot of uncertainty, but it can cause big problems. We are still evaluating that.’
President Joe Biden will address the White House’s November jobs report Friday morning
Yellen said a new form of the coronavirus could exacerbate supply chain problems and soaring inflation.
Modest employment gains in November may dampen expectations that the economy will grow stronger this quarter after a speed bump in the third quarter due to the Delta variant.
Consumer spending and manufacturing activity were strong.
But the Omicron variant of COVID-19 poses a risk to the illuminating picture.
While little is known about Omicron, some slowdown in hiring and service demand is likely, based on the experience with Delta, which was responsible for the slowest rate of economic growth in more than a year in the past quarter.
At the end of September, there were 10.4 million vacancies. Millions of Americans who lost their jobs during the pandemic recession are left out of the workforce.
Economists say the strong stock market and house prices have increased the wealth of many Americans, encouraging early retirement.
Households have also built up huge savings and the number of self-employed has soared.
Biden has been plagued by sluggish polls, compounded by the government’s chaotic withdrawal from Afghanistan.
His victories on the congressional front have done nothing to raise the needle, according to a Morning Consult poll found this week.
He ranks 45 percent approval and 52 percent disapproval in a survey conducted between Nov. 28 and 30.