It's almost like America's politicians killed millions of livelihoods over the last year with lockdowns and are spending trillions of dollars to try to dig us out of the hole:
The U.S. economy added 559,000 jobs last month while the unemployment rate fell from 6.1% to 5.8%.
The data, put out by the Department of Labor on Friday morning, fell short of economists' expectations of job growth but passed expectations for the unemployment rate after April's disastrous jobs report signaled critical issues in the United States' recovery. Economists moderated their expectations from April to May, predicting 671,000 jobs added and an unemployment rate of 5.9%, according to The Wall Street Journal.
If you remember, in April, our wonderful expert class said we'd add about a million jobs, but the actual number was less than 300,000:
While it's great to see better numbers this month, our extremely slow economic recovery is working alongside another fun factor: inflation.
Last month, the Labor Department reported that inflation over the year prior had jumped at the largest rate since the Great Recession in 2008.
The average increase in prices for all items over the last year is 4.2%, but some items have increased even more. Used cars, for example, had an average price increase of 10% over the last 12 months.
The 12-month inflation rate soared past the expectations of economists, who expected inflation to fall around 3.6% and 0.6% lower than the actual 4.2% inflationary spike.
It's okay though. It's not like almost half of small businesses are struggling to fill jobs as the nanny state expands and we reap the consequences of stupid decisions over the last year.
Nearly half of small business owners in the U.S. reported having unfilled job openings in May as employers attempt to entice former employees and new workers back into the workforce as states continue to lift pandemic restrictions...
Oops.
I'm sure Biden and other lefties will get right onto solving our nation's impending financial meltdown, right after they get done burning through a few trillion more dollars!
