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CNBC Analyst So Shocked by Bad Biden Jobs Report, He Double Checks Numbers on Air

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April’s disappointing jobs report left many people shocked, but none more than those waiting to analyze it live on the air Friday morning on CNBC.

CNBC had reported employment forecasters expected to see one million new jobs created in the month of April. At the same time, the unemployment rate was expected to drop to 5.8 percent.

Instead, only 266,000 jobs were created in the month of April while the unemployment rate rose to 6.1 percent.

The numbers shocked forecasters and are being blamed by some on the federal government’s $300 per week supplemental income for the unemployed. Those extra dollars, every week, are blamed for creating an incentive for millions of people to continue to voluntarily sit out of the workforce.

But before any of that could be debated on Friday, the much-anticipated jobs report needed to be released.


US Chamber of Commerce Defies Biden, Calls for Termination of Weekly Unemployment Perk

When that report came across the desk of Steve Liesman of CNBC’s “Squawk Box,” he couldn’t believe them. Liesman actually had to double-check the numbers.

“Uh, wow, it just came across — give me a second here,” Liesman said as he looked down upon the report. “Uh, we have the number here, just came across … Ahhh.”

Were you surprised by Friday’s jobs report?

“Sorry about that, it came across very quickly here,” the financial analyst added, appearing frustrated by what he was seeing. “It looks 266,000. It looks like it was a big disappointment at 266. But maybe I have that wrong. Let me double-check the bureau website, here … uh, one second.”

Liesman then surrendered, after viewing the numbers on the Bureau of Labor Statistics website that, “Yes, 266 is correct, unemployment changed little — changed to 6.1 percent, so we have some issues here.”

The network then went into full-on spin mode as “average hourly earnings” were touted within moments, and noted to have been “rocketing,” as CNBC embraced its silver linings.

But objective viewers noted that there was no spinning the disastrous Friday report.


American Job Growth for April Comes in Way Under Expectations

As the country digested the negative April numbers throughout Friday, it became clear that something was seriously wrong.

By the evening, U.S. Chamber of Commerce executive vice president Neil Bradley had concluded that the federal government’s added unemployment benefits were to blame for the anemic job growth.

“The disappointing jobs report makes it clear that paying people not to work is dampening what should be a stronger jobs market. We need a comprehensive approach to dealing with our workforce issues and the very real threat unfilled positions poses to our economic recovery from the pandemic,” Bradley said in a statement.

“One step policymakers should take now is ending the $300 weekly supplemental unemployment benefit. Based on the Chamber’s analysis, the $300 benefit results in approximately one in four recipients taking home more in unemployment than they earned working,” Bradley added.

Forbes reported on Friday that, per the most recent estimates, there are 7.4 million jobs currently posted online. Meanwhile, according to the BLS, 9.8 million Americans are currently collecting unemployment benefits.

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