The economy under President Biden has defied expectations as economists are consistently surprised at how poorly the Biden economy is able to perform. New data released by the Labor Department on Friday shows that the Biden economy has somehow managed to increase the unemployment rate as it struggles to recover from the artificially-created recession.
“The United States added 266,000 jobs in April, according to data released by the Labor Department Friday—much worse than the 1 million job gains economists expected and far fewer than the 916,000 jobs added in March, indicating that the long-tepid labor market recovery is slowing down again even as stocks and corporate earnings rip higher,” Forbes reported.
“The unemployment rate ticked up to 6.1% in April, as compared to 6% in March; the metric hit a record high of 14.7% in April 2020,” the report states. “There are now 9.8 million unemployed people in the United States, higher than 9.7 million in March and much higher than the pre-pandemic level of 4 million in February 2020, the government said.”
In contrast to the record low unemployment levels for black and Hispanic Americans under former President Trump, “April’s report also continued to show stark differences in unemployment by race, with minority groups such as Black Americans and Hispanics facing above-average unemployment rates of 9.7% and 7.9%, respectively.”
Former President Trump’s economy was responsible for the longest and best performing bull market in history, which ended when COVID-19 emerged and governments forced businesses to close – creating an artificial recession. President Biden should be able to ride the recovery of the recession, but it seems that his policies are only able to be overestimated. While Biden’s economy has drastically failed to meet expectations, Trump’s economy consistently exceeded them, nearly doubling projected GDP growth during the third quarter of last year.