Biden Shrugged! US Economy Actually Lost -408k Jobs In May (Initial Claims Surge To 10-Month Highs As California Joblessness Soars)

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by confoundedinterest17

Joe Biden is a dishonest politician, so it is no wonder that he ignores actual data. Like claiming that crime is down under his leadership, when it is actually large cities like New York and Los Angeles not reporting their crime data to the FBI.

Take the May jobs numbers. The BLS reports that 272k jobs were added. However, the more accurate Household Survery reported a loss of -408k jobs in May.

While the Establishment Survey did indeed report that 272K “jobs” were added, this number also included multiple job holders; stripping those out, we get that the actual number of “employed” workers plunged by -408K.

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On the jobless claims side, the number of Americans applying for jobless benefits for the first time surged last week to 242k (up from 229k and well above the 225k exp). That is the highest since August 2023…

Source: Bloomberg

On an NSA basis, claims exploded higher.

The last three weeks have seen the largest surge in claims since January…

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Source: Bloomberg

Notably this surge is very VERY similar to what we saw last year (but not the prior few years, so not a ‘seasonal’ pattern per se)…

Source: Bloomberg

The surge in NSA claims was driven by California…

California leads the nation in initial jobless claims, thanks to Newsom’s $20 per hour minimum wage law for fast food restaurants. This one’s gonna hurt Californians for a long, long time.

Biden and Newsom WISH they were Atlas.

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