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Economy

Jobs report rose by 559K, disappointing expectations

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Screenshot 2020 03 06 08.54.30

The U.S. Labor Department released its jobs report Friday, revealing only 559,000 nonfarm jobs in May. Economists surveyed by the Dow Jones previously predicted that the U.S. would see 671,000 new jobs that month.

Unemployment dropped by only 0.3%. Black adults still top the highest unemployment rate at 9.1% and have seen little change in the past few months. 7.9 million people reported that they lost jobs in May because their employer went out of business due to the pandemic. That number is down from 9.4 million in April.

RELATED: February Jobs Report: 273,000 New Jobs, 3.5% Unemployment

The industries that saw significant increases in employment were leisure and hospitality, in public and private education, and in health care and social assistance. Altogether, they contributed to the majority of new jobs, creating about 505,000 jobs.

You can follow Jenny Goldsberry on Twitter @jennyjournalism.

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White House Confirms It Is Looking Into Shutting Down Oil Pipeline Amid Fuel Crisis

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Gas Pipeline

The Biden administration confirmed that it is considering shutting down an oil pipeline in Michigan despite the ongoing fuel crisis in the country.

“Revoking the permits for the [Line 5] pipeline that delivers oil from western Canada across Wisconsin, the Great Lakes and Michigan and into Ontario, would please environmentalists who have urged the White House to block fossil fuel infrastructure, but it would aggravate a rift with Canada and could exacerbate a spike in energy prices that Republicans are already using as a political weapon,” Politico Pro reported. “Killing a pipeline while U.S. gasoline prices are the highest in years could be political poison for Biden, who has seen his approval rating crash in recent months.”

Fox News reporter Peter Doocy asked about the report during Monday’s press briefing, asking, “why is the administration now considering shutting down the Line 5 pipeline from Canada to Michigan?”

“So, Peter, that is inaccurate,” Deputy Press Secretary Karine Jean-Pierre claimed. “That is not right. So, any reporting indicating that some decision has been made, again, is not accurate. … So, again, I would — it is inaccurate what you just stated, but —”

“What’s inaccurate?” Doocy asked.

“The reporting about us wanting to shut down the Line 5,” Jean-Pierre said.

“I didn’t say ‘wanting.’  I said, is it being studied right now?  Is the administration studying the impact of shutting down the Line 5?”

“Yeah. Yes, we are. We are,” Jean-Pierre admitted.

 

The news comes as gas prices have reached their highest since 2014, when Biden was vice president, and are currently about 50% higher than they were when Biden entered office.

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