Quick Hit:

The latest data from the U.S. Bureau of Labor Statistics reveals troubling signs for the Harris-Biden economy, with unemployment blowing past expectations to 4.3% in July, the highest since October 2021.

Key Details:

July saw the unemployment rate jump to 4.3%, blowing past expectations and marking the highest level in nearly three years.
Over the past year, 1.2 million native-born Americans have lost jobs, while 1.3 million foreign-born workers gained employment.
Since July 2023, 311,000 more people are working multiple jobs, and 558,000 additional Americans are now forced to take part-time jobs due to economic pressures.

Diving Deeper:

The latest jobs report from the U.S. Bureau of Labor Statistics casts a grim light on the Harris-Biden economy, with unemployment blowing past expectations to 4.3% last month, the highest rate since October 2021. This unexpected rise has spurred fears of a looming recession. Economist John Lonski expressed his concerns to Fox Business, stating, "I’m beginning to smell a recession coming into view…this jump by the unemployment rate, my goodness, 4.3%, this is up sharply from not long ago."

The report breaks down the troubling statistics further. Over the past 12 months, the employment situation has deteriorated significantly for native-born Americans, with 1.2 million losing their jobs. In contrast, 1.3 million foreign-born workers have found employment during the same period. Additionally, the number of people juggling multiple jobs has surged by 311,000, and 558,000 more Americans are now compelled to work part-time for economic reasons.

The higher-than-expected unemployment rate caused markets to react negatively on Friday morning, with fears of a recession becoming more pronounced. Despite these worrying trends, Vice President Kamala Harris has maintained that "Bidenomics is working."