Watch Live: Biden Gloats About Strong October Jobs Numbers

Watch Live: Biden Gloats About Strong October Jobs Numbers

After Tuesday’s electoral drubbing in an off-year election, Democrats need to seize on something, anything, positive that they can use to try and reverse the sag in President Biden’s agenda.

Well, after this morning’s jobs number, President Biden looks to be doing just that by delivering “remarks” on a number that was stronger than expected.

As we noted earlier, after two months of dismal job reports, the BLS finally redeemed itself when moments ago it reported that in October the US gained some 531K jobs, well above the 450K consensus exp and above the 500K whisper number. The gain in payrolls was also bigger than all but 10 of the 75 forecasts in Bloomberg’s survey.

As Bloomberg calculates, if payroll gains stay at the same pace as October’s, in eight months the total payroll figure would be back at its record high…. that’s also when the Fed would be finished zeroing-out QE, placing a higher likelihood on a hike in July, before the midterms.

That could be very, very problematic for the Dems in an election where they risk facing embarrassing losses in Congress.

Biden’s remarks also come as Dem leaders in Congress push for votes on Biden’s two-part “Build Back Better plan”.

Tyler Durden
Fri, 11/05/2021 – 10:40

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