CNN’s Matt Egan: ‘This Was Actually the Worst Job Gain of the Entire Year’

BOLDUAN Some of the ░░░░░░░░ of the economy hardest ░░░░░░░░ last month health care ░░░░░░░░ education There s also ░░░░░░░░ lot of focus on ░░░░░░░░ happened in hospitality and ░░░░░░░░ it means for all ░░░░░░░░ us CNN s Matt ░░░░░░░░ joining me now He ░░░░░░░░ been digging into these ░░░░░░░░ even further Matt the ░░░░░░░░ Secretary called this a ░░░░░░░░ report What s sticking ░░░░░░░░ to you EGAN It ░░░░░░░░ was a complex report ░░░░░░░░ a lot of that ░░░░░░░░ because of the Delta ░░░░░░░░ and the reopening of ░░░░░░░░ economy But that means ░░░░░░░░ s kind of something ░░░░░░░░ everyone here in terms ░░░░░░░░ the positives and the ░░░░░░░░ Clearly the big negative ░░░░░░░░ the fact that the ░░░░░░░░ added just 194 000 ░░░░░░░░ last month That is ░░░░░░░░ than half of what ░░░░░░░░ have been anticipating And ░░░░░░░░ you can see there ░░░░░░░░ a surge in hiring ░░░░░░░░ summer but that has ░░░░░░░░ faded big time This ░░░░░░░░ actually the worst job ░░░░░░░░ of the entire year ░░░░░░░░ that means the U ░░░░░░░░ economy is still down ░░░░░░░░ million jobs during the ░░░░░░░░ That s disappointing Three ░░░░░░░░ of the jobs that ░░░░░░░░ been lost have been ░░░░░░░░ but that last quarter ░░░░░░░░ been the hardest to ░░░░░░░░ back At the current ░░░░░░░░ it would take two ░░░░░░░░ to get back all ░░░░░░░░ jobs lost Now we ░░░░░░░░ to look at the ░░░░░░░░ breakdown to see where ░░░░░░░░ weakness was The big ░░░░░░░░ is schools You look ░░░░░░░░ local government education they ░░░░░░░░ by 144 000 jobs ░░░░░░░░ s a big deal ░░░░░░░░ normally schools they add ░░░░░░░░ a lot of teachers ░░░░░░░░ staff that have been ░░░░░░░░ off the payroll during ░░░░░░░░ summer The fact that ░░░░░░░░ didn t happen as ░░░░░░░░ as expected suggests that ░░░░░░░░ they had some trouble ░░░░░░░░ finding workers to hire ░░░░░░░░ hotels were only up ░░░░░░░░ 100 That s not ░░░░░░░░ because that sector got ░░░░░░░░ by the pandemic Health ░░░░░░░░ actually lost more than ░░░░░░░░ 000 jobs Food services ░░░░░░░░ 29 000 But Kate ░░░░░░░░ were some positives here ░░░░░░░░ unemployment rate dropped to ░░░░░░░░ pandemic low of 4 ░░░░░░░░ It s well below ░░░░░░░░ 15 nearly 15 that ░░░░░░░░ saw in April of ░░░░░░░░ Wages were up Unemployment ░░░░░░░░ for black Americans has ░░░░░░░░ fallen substantially So there ░░░░░░░░ some positives here but ░░░░░░░░ is all evidence of ░░░░░░░░ distortions created by the ░░░░░░░░ and how much Covid ░░░░░░░░ to rule the U ░░░░░░░░ economy.”