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July jobs report shows improvement, but still not back to pre-pandemic normal

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By Jenny Goldsberry

The US jobs report came out Friday demonstrating a 943,000 increase in jobs and 5.4% in unemployment. While the data isn’t still back to pre-pandemic norms, jobs have steadily increased since January. The Dow Jones estimated fewer jobs and a higher unemployment rate.

First, of all non-farm jobs, the leisure and hospitality industry did best in July. It added 380,000 positions. As a result of COVID-19 restrictions ending, 253,000 of those came from bars and restaurants. The industry also did exceptionally well in May.

“More jobs than have been created in the first four months in any presidency in modern history.” Conveniently, he left out the historic job losses that happened leading up to his inauguration.

Back in May, President Biden responded to disappointing numbers. Then, Biden blamed the number on vaccination rates, since the data was collected during the first week in May. Back then, Biden said, the vaccination rate for adults was only 35%. By the end of May, it was reported to be at 63%. Now, the vaccination rate has reached 70%.

“We’re now the first administration in history to add jobs every month of our first six months in office,” Biden tweeted Friday. It’s a talking point he’s said in previous months as well. However, the historic job losses leading up to his inauguration should also be taken into consideration.

Meanwhile, two years ago in July, the unemployment rate was 3.7%. Yet there were only 164,000 jobs created then. Just last year over the US saw 1.7 million new jobs in July. But 10.2% of Americans were unemployed.

You can follow Jenny Goldsberry on Twitter @jennyjournalism.

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Economy

Federal Reserve Economist on hidden camera: ‘we don’t want Trump to be in the government’

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Hidden Camera captures Principal Economist at the Federal Reserve talking about Jerome Powell’s legacy as “somebody who held the line against like, Trump.” According to hidden camera footage of Aurel Hizmo, principal economist at the Federal Reserve, the U.S. agency could have fixed inflation a while ago but refused to do so for fear of hurting President Joe Biden’s re-election efforts.

Hizmo told an undercover reporter that the Fed stopped raising the rates to tackle inflation because it could cause a recession that would likely end Biden’s 2024 campaign.

The influential agency responsible for maintaining a stable monetary system appears to not just be establishing interest rates, but to be setting policies for desired social outcomes. “Under Powell, the Fed has changed to think about equity issues, like racial issues, think about wealth inequality as part of the mandate, as part of the things we are following. Think about climate change.” Aurel Hizmo, Principal Economist at the Federal Reserve, who prior to working at the Fed was an Assistant Professor helps write speeches for Federal Reserve Board Chair Jerome Powell for the Federal Open Market Committee.

Hizmo says “Trump is just a crazy person” and conservatives are “dumb” as he describes to OMG’s American Swiper Citizen Journalist a politicized Federal Reserve Board where Powell has promoted ESG issues like climate change and “wants to be remembered in history” “as a savior.” But shhh…don’t tell anyone because Hizmo says: “I’m just really worried that I’m saying stuff that’s classified…It’s all classified.”

 

 

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