August Jobs Report: Rising Unemployment and Dissatisfaction

September 13, 2023
Andrew McVeigh
Biden Administration, Economy, Federal Government, Joe Biden, Unemployment

The US economy under President Biden continued its mellow pace in August, as Americans continued to strain under the burdens of record inflation, rising interest rates, and economic uncertainty. 

The U.S. Bureau of Labor Statistics released its raw jobs report earlier this month, detailing the employment situation for August. While 187,000 nonfarm payroll jobs were added, the unemployment rate rose 0.3%, to 3.8%, its highest rate in the last eighteen months. 

The number of people who are unemployed and seeking a job rose considerably by 514,000, bringing the total to more than 6.4 million people. 

Hourly wages grew only very modestly by 0.2%.

Additionally, the report also contained chilling revisions for the June and July jobs report, showing that in those two months, growth was 110,000 fewer jobs than originally announced. 

This comes as a new poll from the Wall Street Journal has found that nearly six out of ten Americans (59% to be exact)disapprove of Joe Biden on his handling of the economy and his failing “Bidenomics” policies. The poll also found that 63% of Americans disapprove of his handling of inflation, and 58% believe the economy has gotten worse under his two years in the White House.

It is, of course, no wonder that Americans are feeling this way: Their wallets are being stretched thin by the rising costs of basic goods and services, high gas prices, rising debt, and more cracks in the economic foundation; much of which has been caused or exacerbated by Biden and the Democrats’ failed socialist policies.

It remains to be seen how the continued economic uncertainty plays out. Much will also depend upon the Federal Reserve’s rate hike decision that is expected in the coming weeks, the upcoming fight over the Federal Government’s stopgap spending measure at the end of September, and the ongoing concern over credit rating downgrades and bank failures.

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