The November unemployment report missed expectations, creating significantly fewer jobs than predicted as the Biden administration’s agenda threatens to hamper growth and intensify the labor shortage. Rachel Greszler, Heritage research fellow, released the following statement Friday on the way forward:
“The economy added 210,000 jobs in November as the unemployment rate fell to 4.2%, from 4.6% in October.
“Employment is still far from where it should be, and the so-called Build Back Better Act threatens to make things even worse. With 10.4 million job openings in September, employers are struggling to get the workers they need. According to the National Federation of Independent Business’ October jobs report, 49% of business owners were unable to fill open positions. And with a record 4.4 million quitting their jobs in September, the high costs of retaining current workers and replacing those who quit are weighing on employers and contributing to rising prices.
“Welfare-without-work policies are handicapping the work force, and Build Back Better will discourage even more people from working—potentially pushing up to 8.7 million Americans out of work. Meanwhile, President Biden’s unlawful COVID vaccine mandate threatens to force employers to lay off workers who do remain.
“More regulations that make it harder for businesses to hire the workers they need, and more welfare-without-work benefits, higher taxes, and more deficit-financed government spending will all make the current labor shortage and price increases worse.”