Texas Insider Report: Washington, D.C. — The top Republican on the House Ways & Means Committee, Rep. Kevin Brady (R-TX,) issued the following statement on the April jobs report:
“This is a stunning setback, and unequivocal proof that President Biden is sabotaging our jobs recovery with promises of higher taxes & regulation on local businesses that's discourage hiring.
"The White House is in denial that many businesses – both small and large – can’t find the workers they need because Democrats are paying 4 in 10 jobless more to stay home than to return to work," said Cong. Brady (right.)"Just this week, Montana and South Carolina made the unprecedented move to opt out of federal unemployment programs, because the benefits are discouraging work and holding back their recovery. More states are expected to follow.
“Even though President Biden inherited a strong economic recovery, it’s clear his job-killing policies are hurting working families and Main Street businesses.”
KEY TAKEAWAYS
U.S. job growth for the month of April was far below what experts had predicted, as data reported Friday showed an increase of 266,000 jobs, versus an estimate of 1 million.
The U.S. unemployment rate actually rose from 6.0% to 6.1%. March’s payroll gains were also revised downward by nearly 150,000 jobs, from an initial print of 916,000 to 770,000.
- Expectations for jobs added ranged from 950,000 to 1,000,000.
- The economy needs to create more than 8 million more jobs for a full recovery.
- The longer workers remain unemployed, they face lower chances of finding a job and greater chances of health issues.
- Fewer workers and greater consumer demand is already resulting in a rise in prices.
