Remember when Biden campaigned as the candidate who “had a plan”?
Well, if that plan includes slow economic recovery and increasing unemployment, then he is succeeding, according to numbers in the latest jobs report released by US Bureau of Labor Statistics on Friday.
The US gained a disappointing 266,000 nonfarm payroll jobs in April, the report indicated.
Industries that saw the highest gains include leisure and hospitality, restaurants, and other entertainment-related jobs that are bouncing back due to the lifting of many COVID restrictions nationwide.
Job gains were much lower than many experts predicted, failing to meet the expectation that the economy would see at least one million jobs added. Despite the slow growth, the US netted positive for gains.
However, over the last month, the unemployment rate rose.
Unemployment saw a slight increase from 6.0% to 6.1% which is about 9.8 million jobless Americans.
“These measures are down considerably from their recent highs in April 2020 but remain well above their levels prior to the coronavirus (COVID-19) pandemic (3.5 percent and 5.7 million, respectively, in February 2020),” the report stated.
Some financial experts are attributing the lack of people interested in joining the labor force to extended unemployment benefits granted under President Biden’s recent stimulus package which also sent a new batch of stimulus checks.
Under the package, eligible unemployed Americans can continue to remain on unemployment to receive an additional weekly benefit of $300.
Currently, there are more jobs available than workers to fill them, despite vaccines being available nationwide and many states being completely reopened.
Biden is reportedly prepared to give remarks on the disappointing April jobs report on Friday afternoon, when he may also discuss his administration’s jobs plan.