June 7, 2024 – The release of the May jobs report confirms what many Americans have been feeling for months: the Biden administration's economic policies are failing. Under President Joe Biden, the unemployment rate has surged to its highest level in over two years, a grim milestone that reflects the broader economic distress faced by millions of American families.

 

Key findings from the May jobs report include:

 

• Unemployment Rate: The U.S. unemployment rate increased to 4%, marking the highest level in over two years.
• Job Gains: The economy added 272,000 jobs in May, a figure that falls short of the growth needed to sustain a robust recovery.
• Demographic Impact: Unemployment rates rose for Black Americans, Hispanic Americans, Asian Americans, Veterans, and high school graduates without college degrees, highlighting the widespread impact of the current economic downturn.
• Revision of Previous Months: Job gains for March and April were revised down, underscoring the persistent weakness in the labor market.
• Full-Time Employment: May saw the largest decrease in full-time employment since December, indicating a troubling trend towards unstable, part-time work.
• U-6 Measure: The U-6 rate, a broader measure of joblessness, remains at 7.4% and has been on a steady rise since November.
• Native-Born vs. Foreign-Born Employment: Employment among native-born American workers plummeted by 663,000 jobs, while employment for foreign-born workers, predominantly illegal immigrants, spiked.

These statistics paint a stark picture of an economy that is not working for the American people. Under Bidenomics, families are struggling with soaring housing costs, surging electric bills, and high gas prices. The data is clear: the current administration's policies are failing to deliver the economic stability and growth that Americans need and deserve.

 

“This jobs report highlights the severe impact of President Biden’s economic policies on Hispanic Americans and other communities,” said Abraham Enriquez, President of Bienvenido. “Hispanic Americans are losing faith in Bidenomics because it is not delivering for them. From rising unemployment rates to the alarming loss of full-time jobs, it’s clear that we need a change in policies to restore economic prosperity and stability.”

 

It is imperative that we prioritize policies that support American workers and foster a thriving economy. Only by electing leaders who understand the needs of American families can we hope to reverse the damage and build a brighter future.

 

For more information, please contact press@bienvenido.us