‘Look under the hood’ of Biden’s May jobs report and you’ll see the problem

“…Once again, full-time jobs fell 605,000 in May. This is not a monthly problem — this is a long-playing record. It’s mirror image: Part-time jobs gained 286,000. So if full-timers are plunging and part-timers are surging, that cannot be a healthy economic sign. Additionally, in just May alone, 414,000 immigrants, both legal and illegal, gained jobs, while 663,000 native-born Americans lost jobs. This discouraging pattern has been going on for quite some time, but the trend line has accelerated significantly during the Biden years.

Now, in terms of the ongoing Biden affordability crisis, if you call through the numbers over the past 12 months, the combination of average hourly earnings — that’s wages — for production people — working folks — that times, hours worked, you get a proxy for their income, and that income number comes to only 3.4% increase, which is about the same as the consumer price index, which means they’re not getting ahead of the ongoing inflation.

Indeed, over Biden’s entire term, real wages have fallen while all these prices have exploded…”