While Presidentish Joe R. Biden (D) and his (un)anointed successor Kamala Harris (D) brag about their administration’s strong commitment to workers and their jobs, cold statistics tell another story.  According to the July 2024 jobs report released Friday morning at 8:30 A.M. (EDT) by the Bureau of Labor Statistics (BLS):

THE EMPLOYMENT SITUATION — JULY 2024

The unemployment rate rose to 4.3 percent in July, and nonfarm payroll employment edged up

by 114,000, the U.S. Bureau of Labor Statistics reported today. Employment continued to trend up in health care, in construction, and in transportation and warehousing, while information lost jobs. 

Oh.

The number of unemployed jumped by 352,000, while the labor force itself shrank by 214,000, although the labor participation rate of the working-age population slightly increased to 62.7%.  Although jobs in government, health care, and construction showed some increases, employment in the highly touted information sector decreased.  All of this increased fears of a wider economic slowdown — i.e., a recession.

Oh.

Reacting to all this news, the Dow Jones Industrials, the NASDAQ, and other major indexes immediately suffered major drops, which continued until the close — all down significantly.  By the end of the trading day, the Dow dropped 600 points or 1.5%, the NASDAQ sank almost 418 points or 2.43%, and the Russell 2000 Small Cap plunged 76.85 points or 3.53%.  In other words, in stock market terms, Friday saw a major sell-off in stocks.

Oh.

But who are you going to believe — Biden and Company or the BLS and your own lying eyes?

Image: pasja1000 via Pixabay, Pixabay License.