|Posted by JJ The Psychotherapist on May 7, 2021 at 11:45 AM|
The COVID-19 pandemic appeared to be nearing an end, due to the development of multiple vaccines in record time, paving the way for rapid economic growth.
According to the latest jobs report released Friday morning, the economy appears to be struggling under Joe Biden's leadership.
Despite mass vaccinations and government stimulus, unemployment was expected to fall to 5.8% and the economy to add 978,000 jobs, neither of these things happened.... not by a long shot.
Bloomberg reported, "The numbers are out, and on the top line, they are way worse than expected. “Something seems very off: only 266,000 jobs created in April, and the unemployment rate ticked up to 6.1%, according to the report.”
The number of new jobs created is significantly lower than in previous months. According to revised data, 770,000 jobs were added in March, compared to 536,000 in February.
Things are only going to get worse. Christine Romans, CNN's Chief Business Correspondent, believes inflation is on the way.
He made the observation "It is coming if you have not already sensed it. Toilet paper, diapers, soft drinks, plane tickets, and a tank of gas will all cost more. Whirlpool is increasing the price of some of its appliances by as much as 12 percent..."
President Trump left Joe Biden with a booming economy. We received COVID-19 vaccines in record time thanks to Trump, paving the way for unprecedented economic growth and recovery from the pandemic. However, something has gone horribly wrong based on these figures.