Charles Payne and others expose hidden problems with 'booming' jobs report, Peter Doocy presses White House about disappointing economic statistic



The Bureau of Labor Statistics released the July jobs report on Friday – which massively surpassed expectations. Total nonfarm payroll employment increased by 528,000 in July, when it was forecast to add 250,000 jobs.

The Biden administration and left-leaning media basked in the jobs report that appears impressive at first glance.

President Joe Biden said on Friday, "Today’s jobs report shows that the economy added 528,000 jobs in July. More people are working than at any point in American history. That’s no accident, it’s results."

Vice President Kamala Harris gloated, "This morning’s jobs report shows our economy added 528,000 jobs in July, and the unemployment rate matches the lowest it’s been in more than 50 years. More people are working than ever before. We have more to do, but today’s jobs report shows we are making significant progress."

However, Charles Payne and others poured cold water on President Biden's "booming" jobs report.

Payne noticed that "black Americans are sinking in the midst of the jobs boom."

In July, there were 39,000 fewer black Americans in the labor force and 68,000 fewer black Americans employed.

"I get this stuff is only newsworthy when GOP is in the White House but some care all the time," he added.

Citing Household Survey Data from the Bureau of Labor Statistics, Payne noted that full-time jobs dropped by 71,000, while part-time jobs increased by 384,000, and people who held multiple jobs rose by 92,000.

\u201cHousehold Survey\nFull Time -71,000\nPart Time +384,000\nMultiple Jobs +92,000\u201d
— Charles V Payne (@Charles V Payne) 1659708224

The report also found that there were 279,000 fewer people who were self-employed.

\u201cSelf Employed dropping like a stone the past year.\u201d
— Frog Capital (@Frog Capital) 1659721317

Federal Reserve Economic Data revealed that 433,000 Americans are working two full-time jobs – which is an all-time high.

\u201c433,000 Americans now working 2 full time jobs.\nThat is an all time high.\u201d
— Frog Capital (@Frog Capital) 1659720907

Just The News reported, "This trend of the economy dropping full-time jobs while adding second and part-time jobs has been accelerating since March."

Many people suggest that the surge in part-time jobs and people getting multiple jobs is because they are facing soaring inflation month after month. In July, inflation hit 9.1% – the highest in more than 40 years.

Despite the Biden administration insisting that the country is not in a recession, key economic statistics suggest otherwise.

According to CNSNews, "The number of Americans not in the labor force – no job and not looking for one – climbed above the 100,000,000 mark again, settling at 100,051,000 in July. That's a 239,000 increase from June; and it follows an increase of 510,000 from May to June, when the number rose to 99,812,000."

\u201cOver 100 million people who 'can' work are not.\n1,016,000 people have left the labor force since March of this year.\nThese people still consume, but now are not producing.\nBy definition, this creates inflation.\u201d
— Frog Capital (@Frog Capital) 1659788544

The BLS announced that real average hourly earnings were down 3.6% year-over-year for June.

\u201cReal average hourly earnings down 3.6 percent over the 12 months ending June 2022 https://t.co/QOcqVIX8kK #BLSdata\u201d
— BLS-Labor Statistics (@BLS-Labor Statistics) 1658272200

Brownstone Institute president Jeffrey A. Tucker said, "We are living through the longest consecutive month-by-month decline in real personal disposable income since 1959, and it is combined with a most recent 16% increase debt service as a percent of that same income stream. Translation: dramatic moves toward personal impoverishment."

The Wall Street Journal pointed out, "The labor-force participation rate—or the share of adults working or seeking a job – ticked down to 62.1% in July from 62.2% a month earlier."

"While the economy has recovered all the jobs it lost since February 2020, there are still 623,000 fewer people in the workforce, a factor that has pushed up wages due to a demand for workers that is well above the number of available workers," the outlet added.

Before the pandemic, the participation rate was 63.4% in February 2020.

The BLS defines the labor force participation rate as "the number of people in the labor force as a percentage of the civilian noninstitutional population," and "the participation rate is the percentage of the population that is either working or actively looking for work."

New York Times economic reporter Ben Casselman wrote, "The labor force participation rate actually fell slightly in July, a discouraging sign for those hoping the strong labor market would bring workers off the sidelines. Participation ticked up slightly among prime-age workers, but remains below its May peak."

Former Federal Reserve insider Danielle DiMartino said, "Warning in the weeds: Labor force participation rate AND wage growth falling most among those who benefited the most from the post-pandemic stimulus spending."

On Friday, Fox News White House reporter Peter Doocy confronted White House Press Secretary Karine Jean-Pierre about the declining labor participation rate.

Doocy asked, "The labor force participation rate is at its lowest level of the year now. Why do you think that is?"

Jean-Pierre replied, "So, participation actually ticked up."

Doocy interjected, "It declined 0.1 percentage points to 62.1 percent — the lowest level of the year."

Jean-Pierre responded, "So it actually ticked up for prime-age workers, when you look at 25 to 54, and for workers 65 and plus. The tick down this month was actually about teenagers. And it’s important to keep in mind that the labor force participation rate has bounced back relatively quickly compared to its pace in the past. So we have seen an uptick in the labor force."

\u201cKJP: "So, participation actually ticked up and for--for--"\n\nDoocy: "It declined 0.1 percentage points to 62.1%, the lowest level of the year."\n\nKJP: "So, it actually ticked up for prime-age workers...The tick down this month was actually about teenagers."\u201d
— Curtis Houck (@Curtis Houck) 1659726920

U.S. adds 943,000 jobs in July, but the delta variant looms over the nation's economic rebound



While U.S. employers added 943,000 jobs last month and the unemployment rate dropped to 5.4 percent indicating that the nation's economy is rebounding from the pandemic-related downturn, there is growing trepidation that the delta variant could set back the improving economic situation, according to the Associated Press.

The concern is that the resurgent virus could deter individuals from heading out and spending and could lead to new shutdowns or restrictions, according to the outlet.

"The risk is from a more cautious consumer, if they don't want to engage in outside activities. ... You're also hearing about big companies that are delaying a return to work," Rubeela Farooqi, chief U.S. economist at High Frequency Economics, said, according to the AP. "That might be something that slows things down.''

Payroll employment rises by 943,000 in July; unemployment rate declines to 5.4% https://t.co/1Y9cSWJUIB #JobsReport #BLSdata

— BLS-Labor Statistics (@BLS_gov) 1628253047.0

The AP noted that the Labor Department amassed data for the report in mid-July prior to when the Centers for Disease Control and Prevention issued guidance last week recommending that people who have been fully vaccinated against coronavirus should wear masks in indoor public places in areas of the U.S. with substantial or high virus transmission.

The 5.4 unemployment rate marked a drop from 5.9 percent in June.

The nation's economy took a nosedive last year, shedding more than 22 million jobs in March and April of 2020, but the country has since recouped almost 17 million jobs, the outlet reported.

"If the pace of hiring over the last three months continues, all jobs lost due to the pandemic would be regained in seven months," senior economist at TD Economics Leslie Preston wrote in a research report, according to AP. "However, the pace is likely to cool a bit and the risk of the delta variant looms."

The Associated Press reported: "The U.S. is seeing an average of more than 98,000 new COVID-19 cases per day, up from fewer than 12,000 a day in late June — though still well below the peak of 250,000 reached in January. The vast majority of new cases are among people who have not gotten vaccinated."

The outlet pointed out that if the COVID-19 surge is not contained, there could be closures and event cancellations, and schools could backpedal on plans for reopening which would make it harder for some parents to return to work.

"The next 10 to 14 days are going to be critical to try to get it under control," Labor Secretary Marty Walsh said, the AP reported. "We need to get more people vaccinated. Where there are mask mandates in place, we need to follow that."

"It's really important that we take this seriously so we don't get into a situation where we have to go into shutting down parts of our country," he noted.