With another strong topline unemployment report released today, President Joe Biden is already trying to hide behind the fig leaf of low nominal unemployment, but his party can’t hide the deep economic malaise overshadowing most Americans. Sadly, Democrats want to make things worse with a $740 billion tax-and-spend blowout that will kill jobs and do nothing to fight crippling inflation.
The number of U.S. jobs jumped 528,000 last month, the Labor Department reported Friday, and the unemployment rate fell to 3.5% from 3.6%, matching a five-decade low. But that top line masks the drop in July of the labor force participation rate to 62.1% in July from 62.2% in June. This is still far below the 63.4% labor force participation in February 2020, which translates to millions fewer people who would otherwise be working today compared to before the COVID-19 pandemic.
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