Quick Hit:

The latest jobs report released Friday revealed a slowdown in job growth and an increase in unemployment from the month of April, highlighting the continued failure of Bidenomics. The economy added a mere 175,000 jobs in April, falling short of economists' expectations, while the unemployment rate rose to 3.9 percent.

Key Details:

• The underemployment rate reached its highest point since November 2021.
• The number of people working multiple jobs to make ends meet increased by 8.8% over the last year, a 27.8% increase since Biden took office in January 2021.
• Wage growth is not keeping pace with inflation, leaving middle-class families struggling.

Diving Deeper:

The jobs report for April paints a grim picture of the current state of the economy under the Biden administration. Despite predictions of a robust 243,000 job increase, the actual figure fell significantly short at 175,000—with eventual revisions expected to lower that number further. This disappointing figure is indicative of the broader economic issues plaguing the nation, with the underemployment rate reaching its highest point since November 2021.

Furthermore, the number of people working multiple jobs to make ends meet has seen a significant increase. Over the past year, this figure has risen by 8.8%, and since President Biden took office in January 2021, it has surged by 27.8%. This trend underscores the economic hardship many Americans are facing under the current administration.

Compounding these issues is the fact that wage growth is failing to keep pace with inflation. As economist Stephen Moore pointed out on Fox Business Friday morning, "Just over the three-and-a-half years that Biden has been in the White House, inflation is up 20% and wages are only up 17%...That means middle-class families are still struggling. They're not seeing the wage increases they want."