Today’s jobs report is out and it is not what economists were expecting – by a long shot:
According to CNN, they were expecting a surge in employment based on last month of close to a million jobs, but only netted 266k. Instead of the unemployment rate continuing to tick down, it went up by 1% to 6.1%.
They say this is the worst miss since 1998:
.@CNBC's @carlquintanilla notes today's jobs report is the worst miss in 23 years:
"The worst miss, we're told, since '98." pic.twitter.com/rv6wQVLRgt
— Mark Bednar (@MarkBednar) May 7, 2021
Romans notes that employers are saying they simply cannot find the workers, especially in the restaurant industry. And this is obviously because of high unemployment payments.
In fact South Carolina’s governor is terminating the addition that the state is providing in unemployment, in order to get people back into the labor force:
#BREAKING: In order to address workforce shortages throughout South Carolina, Governor Henry McMaster orders termination of state’s participation in all federal, pandemic-related unemployment benefit programs – https://t.co/rnsBAywt3J pic.twitter.com/gOF9vwtgMM
— Breaking911 (@Breaking911) May 6, 2021
And on top of all of this, Christine Romans is also saying that massive inflation is coming across the board:
CNN's @ChristineRomans: "If you haven’t felt it yet, it’s coming. You can expect higher prices for toilet paper, diapers, soft drinks, plane tickets, a tank full of gas. Whirlpool is raising prices of some of its appliances by up to 12% …" pic.twitter.com/02JnIf4b4s
— Tom Elliott (@tomselliott) May 7, 2021
Wow this Biden economy is soaring isn’t it? Soaring right into the ground. But hey, who could’ve seen this coming?
One Never Trumper was complaining about the inflation this morning…
I cannot emphasize enough how much inflation there is right now – not just risk, but already here.
Just in 2021 the cost to get products here has skyrocketed, and that's not including the huge jumps in the costs of materials.
The landed cost of my products are up 25%+ in 2021. https://t.co/aXoXIMMZWG
— Josh Jordan (@NumbersMuncher) May 7, 2021
All the while the Fed is pumping money into the system like we're in a global depression and the government (both GOP and Dems) have been spending without a care in the world.
Maybe it'll be different this time, but the signs of escalating inflation are already here today.
— Josh Jordan (@NumbersMuncher) May 7, 2021
And he got an earful…
you literally voted for this inflation. elections have consequences and you voted for biden to push an unnecessary stimulus bill that caused this inflation. you don’t get to play this card of both sides now. https://t.co/LAoj0fnkUw pic.twitter.com/i6qsnX6jXM
— kaitlin, RINO birthing person (@thefactualprep) May 7, 2021
Exactly!