‘Bidenomics at Work’: June Jobs Growth Falls Short

U.S. Employment Growth Falls Short of Expectations

According to the Bureau of Labor Statistics, U.S. employment growth in June fell short of expectations by tens of thousands of jobs. Payrolls increased by 209,000, well below the consensus estimates of 240,000. This could be a possible sign of economic cooling. The June numbers mark the lowest monthly job creation rate since December 2020. However, the unemployment rate showed little change, dropping to 3.6 percent from the May figure of 3.7 percent.

Americans Dissatisfied with the Economy under Biden

While President Joe Biden has touted “Bidenomics” as a main aspect of his reelection campaign, recent polls have found that around two-thirds of Americans are dissatisfied with the economy under Biden, as reported by the Washington Free Beacon. In a statement, Biden declared that the June jobs report represents “Bidenomics in action,” showing stable and steady growth.

Strong Average Hourly Earnings and Employment Gains in Government

The report found that average hourly earnings remained strong, growing by 4.4 percent from last year. The biggest employment gains came in the government sector, which added over 60,000 jobs, mostly at state and local levels. Other sectors experiencing strong growth include health care and construction industries.

Slow Growth in Leisure and Hospitality, Job Losses in Retail and Transportation

In line with recent trends, the leisure and hospitality sector experienced slow growth, adding just 21,000 jobs. On the other hand, the retail and transportation sectors lost workers.