Biden’s ‘Bump’ Brag Beaten Back By Bumped Bonuses

President Biden bragged about the unexpected bump in new job creation, but the WSJ editors burst his bubble in noting the end of Uncle Sam’s “paying people not to work” is what’s “behind the bump.”

The upshot in a nutshell: “The October job reports provides the first real snapshot of the labor market after the end of federal enhanced unemployment benefits. And what do you know? Job growth beat expectations for a change. Private payrolls jumped 604K while the unemployment rate fell to 4.6% from 4.8%.”

While it’s true declining virus cases & hospitalizations as well as deaths helped. But, concluded the editors: “It’s no coincidence that the growth spurt occurred after the Labor Day expiration of the pandemic unemployment programs, including the $300 federal bonus and 79 weeks of eligibility versus 26 weeks normally.”

Davd Soul