According to a new report from payroll provider ADP, Joe Biden’s economy has hit dangerous new lows not seen since April of 2020, the second month of total lockdown.
According to the ADP data, the U.S. economy experienced a dramatic reduction in job growth during the month of May, dropping to numbers last seen during the COVID induced lockdowns.
The payroll processor reported that 128,000 new private sector jobs were added in the month of May, missing the estimated 299,000 and dropping from the April number of 202,000.
These numbers pour fuel on the fire as many suspect that the U.S. economy is in a much worse state than President Biden is allowing officials to say.
The economy shrank at an annualized rate of 1.5% in the first quarter of 2022 and these employment figures suggest the tip of the iceberg for a badly damaged Biden led economy.
Companies with fewer than 50 workers saw payrolls decline by 91,000 employees, according to CNBC. The majority of the layoffs were also experienced by companies with fewer than 20 workers – meaning small businesses are getting hit the hardest.
“Under a backdrop of a tight labor market and elevated inflation, monthly job gains are closer to pre-pandemic levels,” ADP chief economist Nela Richardson said.
“The job growth rate of hiring has tempered across all industries, while small businesses remain a source of concern as they struggle to keep up with larger firms that have been booming as of late.”
Biden recently admitted in an op-ed that we should expect a job recovery slow down.
“During this transition, growth will look different. We will likely see fewer record job-creation numbers, but this won’t be cause for concern,” Biden wrote. “Rather, if average monthly job creation shifts in the next year from current levels of 500,000 to something closer to 150,000, it will be a sign that we are successfully moving into the next phase of recovery — as this kind of job growth is consistent with a low unemployment rate and a healthy economy.”
In the past, the Biden admin has attempted to take credit for employment rebounds after the Covid lockdowns.
“President Biden is building a better America,” a post from the White House claimed in May. “The U.S. economy has added nearly 8 million jobs since President Biden took office and experienced the greatest year of job growth under any President in history last year.”
A deceptive January tweet from the White House also shows job gains under Biden as several times higher than his predecessors.
Washington Post fact-checker Glenn Kessler pointed out that the claim was incomplete at best: “A huge problem with this apples-and-oranges chart: It compares monthly job growth of 4- and 8-year terms with just one year of Biden. Trump used to do the same thing — until his record was spoiled by the job losses in his last year. Don’t count your chickens before they hatch.”