CNBC
"Treasury yields fall after disappointing jobs report"
Maggie Fitzgerald @MKMFITZGERALD Vicky McKeever @VMCKEEVERCNBC
PUBLISHED FRI, DEC 3 2021
Treasury yields dipped on Friday as investors digested a disappointing November jobs report.
The yield on the benchmark 10-year Treasury note traded down 9 basis points at 1.358% at around 4:00 p.m.
The yield on the 30-year Treasury bond was 7 basis points lower at 1.69%.
Yields move inversely to prices and 1 basis point is equal to 0.01%.
Nonfarm payrolls increased by just 210,000 for the month of November, the Labor Department said Friday.
That compares to a Dow Jones estimate of 581,000 jobs for the month.
The big miss came even as the labor force participation rate increased for the month to 61.8%, its highest level since March 2020.
However, the unemployment rate fell sharply to 4.2%, versus an expectation of 4.5%.
Meanwhile, some investors took solace in the fact that wage growth wasn’t as hot as feared.
Average hourly earnings rose 0.3% month over month and 4.8% year over year.
Economists were expecting a month-over-month gain of 0.4% and year-over-year jump of 5%.
“The easing of wage pressures will incrementally take pressure off the Fed, although we don’t see this report derailing accelerated tapering in the event CPI is strong next week,” Ian Lyngen, BMO’s head of U.S. rates, said in a note.
Federal Reserve officials have indicated that the monetary support they provided to rescue the economy from the pandemic could be coming to an end sooner than expected.
In congressional testimony earlier in the week, Fed Chairman Jerome Powell said he expects the central bank’s policy committee to discuss at its meeting its month stepping up the level at which it is tapering its monthly bond purchases.
Powell said he sees the unwinding to conclude “a few months” sooner than expected, a move that would open the possibility for interest rate hikes.
There are no auctions scheduled to be held on Friday.
— CNBC’s Yun Li and Hannah Miao contributed to this market report.
https://www.cnbc.com/2021/12/03/us-bond ... eport.html
THE DAILY NEWS
Re: THE DAILY NEWS
CNBC
"Job growth disappoints in November, with a gain of just 210,000, despite high hopes"
Jeff Cox @JEFF.COX.7528 @JEFFCOXCNBCCOM
PUBLISHED FRI, DEC 3 2021
KEY POINTS
* Nonfarm payrolls increased by 210,000 in November, following a gain of 546,000 the previous month.
* The number was well below Wall Street expectations of 573,000.
* Despite the big hiring miss, the unemployment rate fell to 4.2%, a 0.4% percentage point decline that came even with rising labor force participation.
* Professional and business services and transportation and warehousing led gains, while hiring in leisure and hospitality was sluggish and retail lost jobs despite the traditional holiday hiring season.
The U.S. economy created far fewer jobs than expected in November, in a sign that hiring started to slow even ahead of the new Covid threat, the Labor Department reported Friday.
Nonfarm payrolls increased by just 210,000 for the month, though the unemployment rate fell sharply to 4.2% from 4.6%, even though the labor force participation rate increased for the month to 61.8%, its highest level since March 2020.
The Dow Jones estimate was for 573,000 new jobs and a jobless level of 4.5% for an economy beset by a chronic labor shortage.
A more encompassing measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons dropped even more, tumbling to 7.8% from 8.3%.
The household survey painted a brighter picture, with an addition of 1.1 million jobs as the labor force increased by 594,000.
“This report is a tale of two surveys,” said Nick Bunker, economic research director at jobs placement site Indeed.
“The household survey shows accelerating employment gains, workers returning to the labor force, and low levels of involuntary part-time work."
"The payroll survey shows a significant deceleration in job growth, particularly in COVID-affected sectors.”
“The underlying momentum of the labor market is still strong, but this month shows more uncertainty than expected,” he added.
Leisure and hospitality, which includes bars, restaurants, hotels and similar businesses, saw a gain of just 23,000 after being a leading job creator for much of the recovery.
Though the sector has regained nearly 7 million of the jobs lost at the depths of the pandemic, it remains about 1.3 million below its February 2020 level, with an unemployment rate stuck at 7.5%.
Following the disappointment, markets initially shrugged off the numbers, but then turned negative after the open.
Initial jobs tallies this year have seen substantial revisions, with months showing low counts initially often bumped higher.
The October and September estimates were moved up a combined 82,000 in the report released Friday.
Sectors showing the biggest gains in November included professional and business services (90,000), transportation and warehousing (50,000) and construction (31,000).
Even with the holiday shopping season approaching, retail saw a decline of 20,000.
Worker wages climbed for the month, rising 0.26% in November and 4.8% from a year ago.
Both numbers were slightly below estimates.
Fed ready to change policy
Policymakers have been watching the employment figures closely to gauge how close the economy is to a full recovery from the depths of the pandemic.
The U.S. suffered its shortest but steepest recession in the early days of the Covid-19 breakout and has been on a progressive but volatile path since.
Federal Reserve officials put a new wrinkle into the picture this week when they indicated that the measures they instituted to support growth could be coming to an end sooner than expected.
In congressional testimony earlier in the week, Fed Chairman Jerome Powell said he expects the central bank’s policy committee to discuss at its meeting this month stepping up the level at which it is tapering its monthly bond purchases.
Powell said he sees the unwinding to conclude “a few months” sooner than expected, a move that would open the possibility for interest rate hikes.
“The disappointing 210,000 gain in non-farm payrolls in November suggests the labor market recovery was faltering even before the potential impact of the new Omicron variant, possibly as a result of the rising infection rates in the Northeast and Midwest,” wrote Andrew Hunter, senior U.S. economist at Capital Economics.
“Nevertheless, the Fed will still push ahead with its plans to accelerate the pace of its QE taper at this month’s FOMC meeting.”
San Francisco Fed President Mary Daly backed up Powell’s comments in remarks Thursday, saying that inflation that is stronger and more durable than expected is creating the need to rethink policy.
She said the Fed should “at least, you know, think about raising the interest rate” and accelerating the taper pace.
Daly also hinted that the summary of economic projections to be released this month, in which officials show their expectations for the future, likely will point to interest rate hikes pulled forward into 2022.
Markets currently expect the Fed to enact at least two quarter-percentage point increases next year.
St. Louis Fed President James Bullard added to the chorus on Friday, saying the economy as measured by GDP has recovered fully and can operate with less policy stimulus, particularly considering the pace at which inflation is running.
“These considerations suggest, on balance, that the Federal Open Market Committee should remove monetary policy accommodation,” Bullard said.
https://www.cnbc.com/2021/12/03/jobs-re ... -2021.html
"Job growth disappoints in November, with a gain of just 210,000, despite high hopes"
Jeff Cox @JEFF.COX.7528 @JEFFCOXCNBCCOM
PUBLISHED FRI, DEC 3 2021
KEY POINTS
* Nonfarm payrolls increased by 210,000 in November, following a gain of 546,000 the previous month.
* The number was well below Wall Street expectations of 573,000.
* Despite the big hiring miss, the unemployment rate fell to 4.2%, a 0.4% percentage point decline that came even with rising labor force participation.
* Professional and business services and transportation and warehousing led gains, while hiring in leisure and hospitality was sluggish and retail lost jobs despite the traditional holiday hiring season.
The U.S. economy created far fewer jobs than expected in November, in a sign that hiring started to slow even ahead of the new Covid threat, the Labor Department reported Friday.
Nonfarm payrolls increased by just 210,000 for the month, though the unemployment rate fell sharply to 4.2% from 4.6%, even though the labor force participation rate increased for the month to 61.8%, its highest level since March 2020.
The Dow Jones estimate was for 573,000 new jobs and a jobless level of 4.5% for an economy beset by a chronic labor shortage.
A more encompassing measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons dropped even more, tumbling to 7.8% from 8.3%.
The household survey painted a brighter picture, with an addition of 1.1 million jobs as the labor force increased by 594,000.
“This report is a tale of two surveys,” said Nick Bunker, economic research director at jobs placement site Indeed.
“The household survey shows accelerating employment gains, workers returning to the labor force, and low levels of involuntary part-time work."
"The payroll survey shows a significant deceleration in job growth, particularly in COVID-affected sectors.”
“The underlying momentum of the labor market is still strong, but this month shows more uncertainty than expected,” he added.
Leisure and hospitality, which includes bars, restaurants, hotels and similar businesses, saw a gain of just 23,000 after being a leading job creator for much of the recovery.
Though the sector has regained nearly 7 million of the jobs lost at the depths of the pandemic, it remains about 1.3 million below its February 2020 level, with an unemployment rate stuck at 7.5%.
Following the disappointment, markets initially shrugged off the numbers, but then turned negative after the open.
Initial jobs tallies this year have seen substantial revisions, with months showing low counts initially often bumped higher.
The October and September estimates were moved up a combined 82,000 in the report released Friday.
Sectors showing the biggest gains in November included professional and business services (90,000), transportation and warehousing (50,000) and construction (31,000).
Even with the holiday shopping season approaching, retail saw a decline of 20,000.
Worker wages climbed for the month, rising 0.26% in November and 4.8% from a year ago.
Both numbers were slightly below estimates.
Fed ready to change policy
Policymakers have been watching the employment figures closely to gauge how close the economy is to a full recovery from the depths of the pandemic.
The U.S. suffered its shortest but steepest recession in the early days of the Covid-19 breakout and has been on a progressive but volatile path since.
Federal Reserve officials put a new wrinkle into the picture this week when they indicated that the measures they instituted to support growth could be coming to an end sooner than expected.
In congressional testimony earlier in the week, Fed Chairman Jerome Powell said he expects the central bank’s policy committee to discuss at its meeting this month stepping up the level at which it is tapering its monthly bond purchases.
Powell said he sees the unwinding to conclude “a few months” sooner than expected, a move that would open the possibility for interest rate hikes.
“The disappointing 210,000 gain in non-farm payrolls in November suggests the labor market recovery was faltering even before the potential impact of the new Omicron variant, possibly as a result of the rising infection rates in the Northeast and Midwest,” wrote Andrew Hunter, senior U.S. economist at Capital Economics.
“Nevertheless, the Fed will still push ahead with its plans to accelerate the pace of its QE taper at this month’s FOMC meeting.”
San Francisco Fed President Mary Daly backed up Powell’s comments in remarks Thursday, saying that inflation that is stronger and more durable than expected is creating the need to rethink policy.
She said the Fed should “at least, you know, think about raising the interest rate” and accelerating the taper pace.
Daly also hinted that the summary of economic projections to be released this month, in which officials show their expectations for the future, likely will point to interest rate hikes pulled forward into 2022.
Markets currently expect the Fed to enact at least two quarter-percentage point increases next year.
St. Louis Fed President James Bullard added to the chorus on Friday, saying the economy as measured by GDP has recovered fully and can operate with less policy stimulus, particularly considering the pace at which inflation is running.
“These considerations suggest, on balance, that the Federal Open Market Committee should remove monetary policy accommodation,” Bullard said.
https://www.cnbc.com/2021/12/03/jobs-re ... -2021.html
Re: THE DAILY NEWS
REUTERS
"TREASURIES-Benchmark 10-year yield slides below 1.4% on safe-haven bid"
By Karen Pierog
DECEMBER 3, 2021
CHICAGO, Dec 3 (Reuters) - U.S. Treasury yields tumbled on Friday in choppy trading, with the 10-year yield dropping below 1.4% for the first time since September as a risk-off sentiment took hold in markets, sending Wall Street lower.
The benchmark 10-year yield fell to its lowest level since Sept. 23 at 1.335%.
It was last down 8.9 basis points at 1.3598%.
Yields move inversely to prices.
The 30-year yield dropped to its lowest since Jan. 5 at 1.667%.
It was last 8.4 basis points lower at 1.6837%.
The two-year yield, which reflects short-term interest rate expectations, was last down 2.8 basis points at 0.5913%.
Wall Street ended lower with uncertainty over the Omicron coronavirus variant one of the factors weighing on the market.
"There definitely is a broader risk-off tone."
"Stocks are going down led by high-beta names," said Tom Simons, a money market economist at Jefferies in New York.
Analysts also pointed to low liquidity and recent volatility-spurred repositioning in Treasuries that may have exacerbated moves.
Yields rose earlier in the session after the market digested closely watched jobs data that showed employment increased far less than anticipated in November, but was unlikely to be a game changer for the Federal Reserve.
Nonfarm payrolls increased by 210,000 jobs last month, while the unemployment rate dropped to 4.2%, the lowest since February 2020, from 4.6% in October, the U.S. Labor Department reported.
Economists polled by Reuters had forecast payrolls advancing by 550,000 jobs.
"On the surface, the numbers came in disappointing because they did not match expectations, but it was not a weak report," said Kevin Flanagan, head of fixed income strategy at WisdomTree Investments.
As for the Fed's plans to begin tapering its bond purchases, Flanagan said the report might allow the central bank to delay increasing the pace of the taper until January.
"Perhaps this gives the Fed a little bit of a breathing room, but it doesn't change the overall calculus."
"They will speed up the taper programs and more than likely raise rates in the second half of next year," he said.
The closely watched gap between two-year and 10-year note yields narrowed to 74.40 basis points, the lowest since December 2020.
It was last about 6 basis points flatter at 76.80 basis points.
The five-year note and 30-year bond yield curve was about a basis point flatter at 54.40 basis points.
The yield on the 30-year Treasury Inflation-Protected Securities (TIPS) hit an all-time-low close of -0.597%, according to Tradeweb.
Other data on Friday showed U.S. services industry activity unexpectedly rose in November, hitting a record high as businesses boosted hiring.
But there was little sign that supply constraints were easing and prices remained high.
Looking ahead to next week, the U.S. Treasury will auction $54 billion of three-year notes, $36 billion of 10-year notes, and $22 billion of 30-year bonds.
"It's not going to be like this race to get supply so much as it's going to be a risk-management process in terms of making sure you don't get caught the wrong way as the market swings around," Simons said, regarding the upcoming auctions.
(Reporting by Karen Pierog; Editing by Mark Heinrich, Dan Grebler and Sandra Maler)
https://www.reuters.com/article/usa-bon ... SL1N2SO227
"TREASURIES-Benchmark 10-year yield slides below 1.4% on safe-haven bid"
By Karen Pierog
DECEMBER 3, 2021
CHICAGO, Dec 3 (Reuters) - U.S. Treasury yields tumbled on Friday in choppy trading, with the 10-year yield dropping below 1.4% for the first time since September as a risk-off sentiment took hold in markets, sending Wall Street lower.
The benchmark 10-year yield fell to its lowest level since Sept. 23 at 1.335%.
It was last down 8.9 basis points at 1.3598%.
Yields move inversely to prices.
The 30-year yield dropped to its lowest since Jan. 5 at 1.667%.
It was last 8.4 basis points lower at 1.6837%.
The two-year yield, which reflects short-term interest rate expectations, was last down 2.8 basis points at 0.5913%.
Wall Street ended lower with uncertainty over the Omicron coronavirus variant one of the factors weighing on the market.
"There definitely is a broader risk-off tone."
"Stocks are going down led by high-beta names," said Tom Simons, a money market economist at Jefferies in New York.
Analysts also pointed to low liquidity and recent volatility-spurred repositioning in Treasuries that may have exacerbated moves.
Yields rose earlier in the session after the market digested closely watched jobs data that showed employment increased far less than anticipated in November, but was unlikely to be a game changer for the Federal Reserve.
Nonfarm payrolls increased by 210,000 jobs last month, while the unemployment rate dropped to 4.2%, the lowest since February 2020, from 4.6% in October, the U.S. Labor Department reported.
Economists polled by Reuters had forecast payrolls advancing by 550,000 jobs.
"On the surface, the numbers came in disappointing because they did not match expectations, but it was not a weak report," said Kevin Flanagan, head of fixed income strategy at WisdomTree Investments.
As for the Fed's plans to begin tapering its bond purchases, Flanagan said the report might allow the central bank to delay increasing the pace of the taper until January.
"Perhaps this gives the Fed a little bit of a breathing room, but it doesn't change the overall calculus."
"They will speed up the taper programs and more than likely raise rates in the second half of next year," he said.
The closely watched gap between two-year and 10-year note yields narrowed to 74.40 basis points, the lowest since December 2020.
It was last about 6 basis points flatter at 76.80 basis points.
The five-year note and 30-year bond yield curve was about a basis point flatter at 54.40 basis points.
The yield on the 30-year Treasury Inflation-Protected Securities (TIPS) hit an all-time-low close of -0.597%, according to Tradeweb.
Other data on Friday showed U.S. services industry activity unexpectedly rose in November, hitting a record high as businesses boosted hiring.
But there was little sign that supply constraints were easing and prices remained high.
Looking ahead to next week, the U.S. Treasury will auction $54 billion of three-year notes, $36 billion of 10-year notes, and $22 billion of 30-year bonds.
"It's not going to be like this race to get supply so much as it's going to be a risk-management process in terms of making sure you don't get caught the wrong way as the market swings around," Simons said, regarding the upcoming auctions.
(Reporting by Karen Pierog; Editing by Mark Heinrich, Dan Grebler and Sandra Maler)
https://www.reuters.com/article/usa-bon ... SL1N2SO227
Re: THE DAILY NEWS
REUTERS
"Stocks, yields slide after U.S. jobs report as Omicron looms"
By Herbert Lash and Lewis Krauskopf
December 3, 2021
Summary
* U.S. job growth slows; jobless rate plunges to 4.2%
* Stocks, bonds yields slide in volatile trade
* U.S. 10-year yields fall to 1.35%, lowest in 10 weeks
* Dollar little changed, gold rises more than 1%
NEW YORK, Dec 3 (Reuters) - Global equities and benchmark U.S. bond yields tumbled on Friday in volatile trade after data showed U.S. job growth slowed considerably in November and the Omicron variant of the coronavirus kept investors on edge.
Nonfarm payrolls increased by 210,000 jobs, the fewest since last December, but the unemployment rate plunged to a 21-month low of 4.2% and 594,000 people entered the labor force, the most in 13 months, indicating a rapidly tightening labor market.
Despite weak jobs growth, solid details in the Labor Department report suggested Federal Reserve plans to accelerate tapering of its bond purchases and expectations for multiple rate hikes next year remained intact.
The yield on 10-year U.S. Treasury notes fell 9.8 basis points to 1.351% and the tech-heavy Nasdaq Composite stock index slid almost 3% at one point as investors anticipated slower economic growth next year.
"The market is saying the Fed is going to make a serious policy error by raising rates too quickly," said Joe LaVorgna, chief economist for the Americas at Natixis.
"Everything is working toward a much weaker growth backdrop; that is what the market senses, and the virus is occurring in the backdrop."
The Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, narrowed to 77.0 basis points, down from almost 130 points in early October.
Recent global economic growth projections from the International Monetary Fund are likely be downgraded due to the emergence of the Omicron variant, said IMF Managing Director Kristalina Georgieva.
Omicron has gained a foothold in many countries worldwide and many governments have restricted travel rules to curb the variant.
"The top issue is still this whole Omicron variant."
"There are enormous amounts of uncertainty there," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
Oil prices fell and gold prices rose almost 1% as the plunge in U.S. Treasury yields boosted the safe-haven metal's appeal.
MSCI's all-country world index fell 0.81% and the broad STOXX Europe 600 index closed down 0.6%.
Stocks on Wall Street pared heavy, earlier losses.
The Dow Jones Industrial Average closed down 0.17%, the S&P 500 fell 0.84% and the Nasdaq Composite lost 1.92%.
The safe-haven Japanese yen and Swiss franc gained as market sentiment soured.
The dollar index, which tracks the greenback versus a basket of six currencies, rose 0.07% to 96.161.
The euro gained 0.06% to $1.1306, while the yen fell 0.36% to $112.7400.
Crude prices ended little changed after erasing gains of more than $2 a barrel on growing worries that rising coronavirus cases could reduce global oil demand.
Crude prices edged higher after producer group OPEC+ said it could review its policy to hike output at short notice if a rising number of pandemic lockdowns chokes off demand.
Brent futures rose 21 cents to settle at $69.88 a barrel, while U.S. West Texas Intermediate (WTI) crude ended 24 cents lower at $66.26 a barrel.
U.S. gold futures settled 1.2% higher at $1,783.90 an ounce.
Bitcoin fell 5.00% at $53,720.0400.
Reporting by Herbert Lash, with additional reporting by Karen Pierog in Chicago, Dhara Ranasinghe in London; Editing by Richard Chang
https://www.reuters.com/markets/europe/ ... 021-12-03/
"Stocks, yields slide after U.S. jobs report as Omicron looms"
By Herbert Lash and Lewis Krauskopf
December 3, 2021
Summary
* U.S. job growth slows; jobless rate plunges to 4.2%
* Stocks, bonds yields slide in volatile trade
* U.S. 10-year yields fall to 1.35%, lowest in 10 weeks
* Dollar little changed, gold rises more than 1%
NEW YORK, Dec 3 (Reuters) - Global equities and benchmark U.S. bond yields tumbled on Friday in volatile trade after data showed U.S. job growth slowed considerably in November and the Omicron variant of the coronavirus kept investors on edge.
Nonfarm payrolls increased by 210,000 jobs, the fewest since last December, but the unemployment rate plunged to a 21-month low of 4.2% and 594,000 people entered the labor force, the most in 13 months, indicating a rapidly tightening labor market.
Despite weak jobs growth, solid details in the Labor Department report suggested Federal Reserve plans to accelerate tapering of its bond purchases and expectations for multiple rate hikes next year remained intact.
The yield on 10-year U.S. Treasury notes fell 9.8 basis points to 1.351% and the tech-heavy Nasdaq Composite stock index slid almost 3% at one point as investors anticipated slower economic growth next year.
"The market is saying the Fed is going to make a serious policy error by raising rates too quickly," said Joe LaVorgna, chief economist for the Americas at Natixis.
"Everything is working toward a much weaker growth backdrop; that is what the market senses, and the virus is occurring in the backdrop."
The Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes, seen as an indicator of economic expectations, narrowed to 77.0 basis points, down from almost 130 points in early October.
Recent global economic growth projections from the International Monetary Fund are likely be downgraded due to the emergence of the Omicron variant, said IMF Managing Director Kristalina Georgieva.
Omicron has gained a foothold in many countries worldwide and many governments have restricted travel rules to curb the variant.
"The top issue is still this whole Omicron variant."
"There are enormous amounts of uncertainty there," said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas.
Oil prices fell and gold prices rose almost 1% as the plunge in U.S. Treasury yields boosted the safe-haven metal's appeal.
MSCI's all-country world index fell 0.81% and the broad STOXX Europe 600 index closed down 0.6%.
Stocks on Wall Street pared heavy, earlier losses.
The Dow Jones Industrial Average closed down 0.17%, the S&P 500 fell 0.84% and the Nasdaq Composite lost 1.92%.
The safe-haven Japanese yen and Swiss franc gained as market sentiment soured.
The dollar index, which tracks the greenback versus a basket of six currencies, rose 0.07% to 96.161.
The euro gained 0.06% to $1.1306, while the yen fell 0.36% to $112.7400.
Crude prices ended little changed after erasing gains of more than $2 a barrel on growing worries that rising coronavirus cases could reduce global oil demand.
Crude prices edged higher after producer group OPEC+ said it could review its policy to hike output at short notice if a rising number of pandemic lockdowns chokes off demand.
Brent futures rose 21 cents to settle at $69.88 a barrel, while U.S. West Texas Intermediate (WTI) crude ended 24 cents lower at $66.26 a barrel.
U.S. gold futures settled 1.2% higher at $1,783.90 an ounce.
Bitcoin fell 5.00% at $53,720.0400.
Reporting by Herbert Lash, with additional reporting by Karen Pierog in Chicago, Dhara Ranasinghe in London; Editing by Richard Chang
https://www.reuters.com/markets/europe/ ... 021-12-03/
Re: THE DAILY NEWS
REUTERS
"U.S. labor market tightening; jobless rate flirts with pre-pandemic lows"
By Lucia Mutikani
December 3, 2021
Summary
* Nonfarm payrolls increase 210,000 in November
* Unemployment rate falls to 4.2% from 4.6%
* Average hourly earnings up 0.3%; workweek rises to 34.8
WASHINGTON, Dec 3 (Reuters) - U.S. employment growth slowed considerably in November amid job losses at retailers and in local government education, but the unemployment rate plunged to a 21-month low of 4.2%, suggesting the labor market was rapidly tightening.
The four-tenths-of-a-percentage-point drop in the jobless rate from October reported by the Labor Department in its closely watched employment report on Friday occurred even as 594,000 people entered the labor force, the most in 13 months.
Workers put in more hours, boosting aggregate wages, which should help to underpin consumer spending.
"Don't be fooled by the measly payroll jobs gain this month because the economy's engines are actually in overdrive as shown by the plunge in joblessness," said Christopher Rupkey, chief economist at FWDBONDS in New York.
The survey of businesses showed nonfarm payrolls increased by 210,000 jobs, the fewest since last December.
But the economy created 82,000 more jobs than initially reported in September and October, a sign of strength.
That left employment 3.9 million jobs below the peak in February 2020.
Despite November's slowdown in hiring, which also reflected a small gain in the leisure and hospitality industry, 6.1 million jobs have been added this year.
The unemployment rate has declined by a whopping 2.1 percentage points since January.
President Joe Biden, whose approval rating has fallen amid angst over high inflation, said the economy was stronger than it was before the COVID-19 pandemic and that the nation could "look forward to a brighter, happier new year ahead."
"But I also know that despite this progress, families are anxious about COVID."
"They're anxious about the cost of living, the economy more broadly," Biden said in a speech about the economy.
"I want you to know I hear you, it is not enough to know that we're making progress."
Economists say the economy is very close to maximum employment, making an early interest rate increase from the Federal Reserve possible.
Fed Chair Jerome Powell told lawmakers this week that the U.S. central bank should consider speeding up the winding down of its massive bond purchases at its Dec. 14-15 policy meeting.
"The Fed will see the report as more than adequate to stay on course to accelerate tapering of asset purchases at the December meeting, implying an end to purchases in March," said Andrew Hollenhorst, chief U.S. economist at Citigroup in New York.
"Moreover, an unemployment rate that is poised to fall below 4.0% perhaps in the coming months keeps a first Fed rate hike in June or even earlier firmly on the table."
Economists polled by Reuters had forecast that payrolls would advance by 550,000 jobs.
Hiring continues to be hampered by worker shortages.
There were 10.4 million job openings at the end of September.
U.S. stocks were sharply lower.
The dollar was flat against a basket of currencies.
U.S. Treasury yields fell.
TIGHT LABOR SUPPLY
Employment growth was held back by a decline of 20,400 jobs in the retail sector.
State and local government education employment fell by 12,600 jobs.
That led to a drop of 25,000 in overall government jobs, the fourth straight monthly decrease.
Pandemic-related staffing fluctuations have distorted normal seasonal patterns in state and local government education.
The leisure and hospitality sector added only 23,000 jobs compared to 170,000 in the previous month.
Professional and business services payrolls increased by 90,000 jobs.
There were also solid gains in transportation and warehousing as well as in construction.
Manufacturing employment increased by 31,000 jobs.
November's modest job growth did little to temper expectations that the economy was poised for stronger growth this quarter after hitting a speed bump in the third quarter.
A measure of services sector activity scaled a fresh record high in November.
U.S. consumer spending and manufacturing activity have been strong.
Spending should remain supported by rising wages as companies scramble for scarce workers.
Average hourly earnings increased 0.3% in November, keeping the annual increase in wages at 4.8%.
The average workweek climbed to 34.8 hours from 34.7.
As a result of the longer workweek, aggregate wages rose 0.7%.
But the spread of the new, highly contagious Omicron variant of COVID-19 poses a risk to the brightening picture.
While little is known about the impact of Omicron, some slowdown in hiring and demand for services is likely, based on the experience with the Delta variant, which was responsible for the slowest economic growth pace in more than a year last quarter.
While labor supply remains tight, there are signs that some of the millions of Americans who lost their jobs during the pandemic-induced recession are wading back into the labor force.
The smaller survey of households, from which the unemployment rate is derived, showed the labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, was 61.8%.
That was the highest level since March 2020 and was up from 61.6% in October.
The increase was concentrated in the 20-54 age group.
About 274,000 women aged 20 and older joined the labor force.
The workforce remains 2.4 million below its pre-pandemic level.
"If more people are starting to look for work again, this would allow for stronger near-term hiring," said Gus Faucher, chief economist at PNC Financial in Pittsburgh, Pennsylvania.
The household survey also showed a rise of 1.14 million in the number of people employed.
The employment-to-population ratio, viewed as a measure of an economy's ability to create jobs, jumped to 59.2%, also the highest since March 2020, from 58.8% in October.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Paul Simao
https://www.reuters.com/markets/us/us-j ... 021-12-03/
"U.S. labor market tightening; jobless rate flirts with pre-pandemic lows"
By Lucia Mutikani
December 3, 2021
Summary
* Nonfarm payrolls increase 210,000 in November
* Unemployment rate falls to 4.2% from 4.6%
* Average hourly earnings up 0.3%; workweek rises to 34.8
WASHINGTON, Dec 3 (Reuters) - U.S. employment growth slowed considerably in November amid job losses at retailers and in local government education, but the unemployment rate plunged to a 21-month low of 4.2%, suggesting the labor market was rapidly tightening.
The four-tenths-of-a-percentage-point drop in the jobless rate from October reported by the Labor Department in its closely watched employment report on Friday occurred even as 594,000 people entered the labor force, the most in 13 months.
Workers put in more hours, boosting aggregate wages, which should help to underpin consumer spending.
"Don't be fooled by the measly payroll jobs gain this month because the economy's engines are actually in overdrive as shown by the plunge in joblessness," said Christopher Rupkey, chief economist at FWDBONDS in New York.
The survey of businesses showed nonfarm payrolls increased by 210,000 jobs, the fewest since last December.
But the economy created 82,000 more jobs than initially reported in September and October, a sign of strength.
That left employment 3.9 million jobs below the peak in February 2020.
Despite November's slowdown in hiring, which also reflected a small gain in the leisure and hospitality industry, 6.1 million jobs have been added this year.
The unemployment rate has declined by a whopping 2.1 percentage points since January.
President Joe Biden, whose approval rating has fallen amid angst over high inflation, said the economy was stronger than it was before the COVID-19 pandemic and that the nation could "look forward to a brighter, happier new year ahead."
"But I also know that despite this progress, families are anxious about COVID."
"They're anxious about the cost of living, the economy more broadly," Biden said in a speech about the economy.
"I want you to know I hear you, it is not enough to know that we're making progress."
Economists say the economy is very close to maximum employment, making an early interest rate increase from the Federal Reserve possible.
Fed Chair Jerome Powell told lawmakers this week that the U.S. central bank should consider speeding up the winding down of its massive bond purchases at its Dec. 14-15 policy meeting.
"The Fed will see the report as more than adequate to stay on course to accelerate tapering of asset purchases at the December meeting, implying an end to purchases in March," said Andrew Hollenhorst, chief U.S. economist at Citigroup in New York.
"Moreover, an unemployment rate that is poised to fall below 4.0% perhaps in the coming months keeps a first Fed rate hike in June or even earlier firmly on the table."
Economists polled by Reuters had forecast that payrolls would advance by 550,000 jobs.
Hiring continues to be hampered by worker shortages.
There were 10.4 million job openings at the end of September.
U.S. stocks were sharply lower.
The dollar was flat against a basket of currencies.
U.S. Treasury yields fell.
TIGHT LABOR SUPPLY
Employment growth was held back by a decline of 20,400 jobs in the retail sector.
State and local government education employment fell by 12,600 jobs.
That led to a drop of 25,000 in overall government jobs, the fourth straight monthly decrease.
Pandemic-related staffing fluctuations have distorted normal seasonal patterns in state and local government education.
The leisure and hospitality sector added only 23,000 jobs compared to 170,000 in the previous month.
Professional and business services payrolls increased by 90,000 jobs.
There were also solid gains in transportation and warehousing as well as in construction.
Manufacturing employment increased by 31,000 jobs.
November's modest job growth did little to temper expectations that the economy was poised for stronger growth this quarter after hitting a speed bump in the third quarter.
A measure of services sector activity scaled a fresh record high in November.
U.S. consumer spending and manufacturing activity have been strong.
Spending should remain supported by rising wages as companies scramble for scarce workers.
Average hourly earnings increased 0.3% in November, keeping the annual increase in wages at 4.8%.
The average workweek climbed to 34.8 hours from 34.7.
As a result of the longer workweek, aggregate wages rose 0.7%.
But the spread of the new, highly contagious Omicron variant of COVID-19 poses a risk to the brightening picture.
While little is known about the impact of Omicron, some slowdown in hiring and demand for services is likely, based on the experience with the Delta variant, which was responsible for the slowest economic growth pace in more than a year last quarter.
While labor supply remains tight, there are signs that some of the millions of Americans who lost their jobs during the pandemic-induced recession are wading back into the labor force.
The smaller survey of households, from which the unemployment rate is derived, showed the labor force participation rate, or the proportion of working-age Americans who have a job or are looking for one, was 61.8%.
That was the highest level since March 2020 and was up from 61.6% in October.
The increase was concentrated in the 20-54 age group.
About 274,000 women aged 20 and older joined the labor force.
The workforce remains 2.4 million below its pre-pandemic level.
"If more people are starting to look for work again, this would allow for stronger near-term hiring," said Gus Faucher, chief economist at PNC Financial in Pittsburgh, Pennsylvania.
The household survey also showed a rise of 1.14 million in the number of people employed.
The employment-to-population ratio, viewed as a measure of an economy's ability to create jobs, jumped to 59.2%, also the highest since March 2020, from 58.8% in October.
Reporting by Lucia Mutikani; Editing by Chizu Nomiyama and Paul Simao
https://www.reuters.com/markets/us/us-j ... 021-12-03/
Re: THE DAILY NEWS
Associated Press
"China's communists bash US democracy before Biden summit"
By KEN MORITSUGU, Associated Press
4 DECEMBER 2021
BEIJING (AP) — China's Communist Party took American democracy to task on Saturday, sharply criticizing a global democracy summit being hosted by President Joe Biden next week and extolling the virtues of its governing system.
Party officials questioned how a polarized country that botched its response to COVID-19 could lecture others, and said that efforts to force others to copy the Western democratic model are “doomed to fail.”
Tian Peiyan, the deputy director of the party's Policy Research Office, said the pandemic exposed defects in the American system.
He blamed the high COVID-19 death toll in the U.S. on political disputes and a divided government from the highest to the lowest levels.
“Such democracy brings not happiness but disaster to voters,” he said at a news conference to release a government report on what the Communist Party calls its form of democracy, which is firmly under party control.
Neither China nor Russia are among about 110 governments that have been invited to Biden's two-day virtual “Summit for Democracy,” which starts Thursday.
The participation of Taiwan, a self-governing democracy that China says should be under its rule, has further angered Beijing.
U.S.-China relations remain strained despite a virtual summit between Biden and Chinese leader Xi Jinping last month.
The U.S. president has repeatedly framed differences with China in his broader call for the U.S. and its allies to demonstrate that democracies can offer humanity a better path toward progress than autocracies.
The Communist Party has ruled China single-handedly since 1949.
It says that various views are reflected through consultative bodies and residence committees, but silences most public criticism with censorship and sometimes arrest.
The party argues that strong central leadership is needed to maintain stability in a sprawling country that has been riven by division and war over the centuries.
“In such a large country with 56 ethnic groups and more than 1.4 billion people, if there is no party leadership, ... and we uphold the so-called democracy of the West, it will be easy to mess things up and democracy will work the opposite way," Tian said.
The recent difficulties faced by some Western democracies have given Communist Party leaders more confidence in their system as they try to build China into a global power.
State media often cite the chaos of the insurrection at the U.S. Capitol after the last presidential election.
The report issued Saturday said “today's world is facing challenges of excessive democracy.”
Chinese officials frequently accuse the U.S. and others of using democracy as a cover to try to suppress China's rise, a charge echoed at the news conference by Xu Lin, the vice minister of the party’s publicity department.
“The U.S. calls itself a ‘leader of democracy’ and organizes and manipulates the so-called Summit for Democracy," he said.
“In fact, it cracks down and hampers countries with different social systems and development models in the name of democracy."
Xu called it undemocratic for others to demand their form of democracy, saying they have a mixed track record themselves.
“Their domestic governance is messed up, but they point fingers at and criticize other democracies,” he said.
"Is this the democracy they advertised?”
___
Associated Press writer Aamer Madhani in Washington, D.C. contributed to this report.
https://www.msn.com/en-us/news/world/ch ... d=msedgntp
"China's communists bash US democracy before Biden summit"
By KEN MORITSUGU, Associated Press
4 DECEMBER 2021
BEIJING (AP) — China's Communist Party took American democracy to task on Saturday, sharply criticizing a global democracy summit being hosted by President Joe Biden next week and extolling the virtues of its governing system.
Party officials questioned how a polarized country that botched its response to COVID-19 could lecture others, and said that efforts to force others to copy the Western democratic model are “doomed to fail.”
Tian Peiyan, the deputy director of the party's Policy Research Office, said the pandemic exposed defects in the American system.
He blamed the high COVID-19 death toll in the U.S. on political disputes and a divided government from the highest to the lowest levels.
“Such democracy brings not happiness but disaster to voters,” he said at a news conference to release a government report on what the Communist Party calls its form of democracy, which is firmly under party control.
Neither China nor Russia are among about 110 governments that have been invited to Biden's two-day virtual “Summit for Democracy,” which starts Thursday.
The participation of Taiwan, a self-governing democracy that China says should be under its rule, has further angered Beijing.
U.S.-China relations remain strained despite a virtual summit between Biden and Chinese leader Xi Jinping last month.
The U.S. president has repeatedly framed differences with China in his broader call for the U.S. and its allies to demonstrate that democracies can offer humanity a better path toward progress than autocracies.
The Communist Party has ruled China single-handedly since 1949.
It says that various views are reflected through consultative bodies and residence committees, but silences most public criticism with censorship and sometimes arrest.
The party argues that strong central leadership is needed to maintain stability in a sprawling country that has been riven by division and war over the centuries.
“In such a large country with 56 ethnic groups and more than 1.4 billion people, if there is no party leadership, ... and we uphold the so-called democracy of the West, it will be easy to mess things up and democracy will work the opposite way," Tian said.
The recent difficulties faced by some Western democracies have given Communist Party leaders more confidence in their system as they try to build China into a global power.
State media often cite the chaos of the insurrection at the U.S. Capitol after the last presidential election.
The report issued Saturday said “today's world is facing challenges of excessive democracy.”
Chinese officials frequently accuse the U.S. and others of using democracy as a cover to try to suppress China's rise, a charge echoed at the news conference by Xu Lin, the vice minister of the party’s publicity department.
“The U.S. calls itself a ‘leader of democracy’ and organizes and manipulates the so-called Summit for Democracy," he said.
“In fact, it cracks down and hampers countries with different social systems and development models in the name of democracy."
Xu called it undemocratic for others to demand their form of democracy, saying they have a mixed track record themselves.
“Their domestic governance is messed up, but they point fingers at and criticize other democracies,” he said.
"Is this the democracy they advertised?”
___
Associated Press writer Aamer Madhani in Washington, D.C. contributed to this report.
https://www.msn.com/en-us/news/world/ch ... d=msedgntp
Re: THE DAILY NEWS
FOX NEWS
"Harris faces staff exodus as questions on her leadership style emerge: 'This is a sinking ship'"
Caitlin McFall
4 DECEMBER 2021
Reports of a toxic work environment have plagued Vice President Kamala Harris since she took up the post less than a year ago and the recently announced exodus of her chief spokesperson has only prompted more questions.
The White House said this week that senior adviser to the vice president and chief spokesperson Symone Sanders will be departing the vice president's office by year's end.
"I love Symone, and I can't wait to see what she will do next, and I know that it's been a, you know, it's been three years of a lot of jumping on and off planes and going around the country, and she works very hard, and I can't wait to see what she'll do next, and I mean that sincerely," Harris told reporters this week.
But the vice president declined to comment when she was pressed on whether Sander’s departure was a part of a great internal shakeup.
"Well, I've told you how I feel about Symone."
"Next question," Harris said.
Fox News contributor Joe Concha on Saturday called Harris' office a "sinking ship" during commentary on Sanders' departure.
"I guess when your boss' approval ratings are at 28% and she's polling even lower on her number one job, the U.S. southern border where migrants continue to flow over, two million passing over this year."
"I guess I would leave too, because this is a sinking ship," said Concha.
Sanders' decision to leave the vice president’s office not only raised eyebrows because she is the second high-level staffer to announce her bid farewell in less than a month, but because the spokesperson was previously harsh on vice president dropouts.
Following reports of low morale in Harris’ office this summer, Sanders defended the reportedly toxic workplace and called individuals who anonymously spoke to the press "cowards."
"People are cowards to do this, this way," she told Politico in July.
"We are not making rainbows and bunnies all day."
"What I hear is that people have hard jobs, and I’m like, ‘welcome to the club,’" Sanders said.
"We have created a culture where people, if there is anything anyone would like to raise, there are avenues for them to do so," she added.
News that Ashley Etienne, Harris' communications director, had resigned was also announced just one week before Thanksgiving.
In addition, reports have surfaced this week that two other communications staffers – Peter Velz and Vince Evans – are also leaving Harris’ team, but those reports have not been confirmed by the White House.
White House officials maintain that the departures of several staffers does not signal that Harris is a bad boss.
Press secretary Jen Psaki said the White House has a history of seeing departures by high-level staffers and described the work as "grueling" when she was pressed by reporters on the work environment in the vice president's office.
"Working on a presidential campaign…and working in the first year of a White House is exciting and rewarding, but it is also grueling and exhausting," Psaki told reporters this week.
"It’s all of those things at once."
Fox News could not immediately reach the White House for comment.
https://www.msn.com/en-us/news/politics ... d=msedgntp
"Harris faces staff exodus as questions on her leadership style emerge: 'This is a sinking ship'"
Caitlin McFall
4 DECEMBER 2021
Reports of a toxic work environment have plagued Vice President Kamala Harris since she took up the post less than a year ago and the recently announced exodus of her chief spokesperson has only prompted more questions.
The White House said this week that senior adviser to the vice president and chief spokesperson Symone Sanders will be departing the vice president's office by year's end.
"I love Symone, and I can't wait to see what she will do next, and I know that it's been a, you know, it's been three years of a lot of jumping on and off planes and going around the country, and she works very hard, and I can't wait to see what she'll do next, and I mean that sincerely," Harris told reporters this week.
But the vice president declined to comment when she was pressed on whether Sander’s departure was a part of a great internal shakeup.
"Well, I've told you how I feel about Symone."
"Next question," Harris said.
Fox News contributor Joe Concha on Saturday called Harris' office a "sinking ship" during commentary on Sanders' departure.
"I guess when your boss' approval ratings are at 28% and she's polling even lower on her number one job, the U.S. southern border where migrants continue to flow over, two million passing over this year."
"I guess I would leave too, because this is a sinking ship," said Concha.
Sanders' decision to leave the vice president’s office not only raised eyebrows because she is the second high-level staffer to announce her bid farewell in less than a month, but because the spokesperson was previously harsh on vice president dropouts.
Following reports of low morale in Harris’ office this summer, Sanders defended the reportedly toxic workplace and called individuals who anonymously spoke to the press "cowards."
"People are cowards to do this, this way," she told Politico in July.
"We are not making rainbows and bunnies all day."
"What I hear is that people have hard jobs, and I’m like, ‘welcome to the club,’" Sanders said.
"We have created a culture where people, if there is anything anyone would like to raise, there are avenues for them to do so," she added.
News that Ashley Etienne, Harris' communications director, had resigned was also announced just one week before Thanksgiving.
In addition, reports have surfaced this week that two other communications staffers – Peter Velz and Vince Evans – are also leaving Harris’ team, but those reports have not been confirmed by the White House.
White House officials maintain that the departures of several staffers does not signal that Harris is a bad boss.
Press secretary Jen Psaki said the White House has a history of seeing departures by high-level staffers and described the work as "grueling" when she was pressed by reporters on the work environment in the vice president's office.
"Working on a presidential campaign…and working in the first year of a White House is exciting and rewarding, but it is also grueling and exhausting," Psaki told reporters this week.
"It’s all of those things at once."
Fox News could not immediately reach the White House for comment.
https://www.msn.com/en-us/news/politics ... d=msedgntp
Re: THE DAILY NEWS
FOX NEWS
"Kamala Harris' staffers leaving White House in part because they fear being labeled 'Harris person': report - Staff departures add to VP's problems, including bad poll numbers"
By Houston Keene | Fox News
3 DECEMBER 2021
A new report revealed that departing staffers for Vice President Harris are leaving their White House posts in part due to concerns of being forever labeled a "Harris person."
A growing list of Harris staffers are heading out the door amid internal chaos and disastrous poll numbers.
The concern of being labeled a "Harris person," as well as burnout and desire for greener pastures, are driving the exodus from the vice president’s office, sources familiar with the chaos in the VP's office told Axios.
One anonymous Democratic strategist said that Harris needs "someone loyal, who can think methodically to best position the vice president and to make sure everything she’s doing is being maximized and communicated to a broad population and get her numbers up."
A different Democratic operative close to the veep’s office told Axios that the staff departures are lighting a fire under chief of staff Tina Flournoy to keep the sinking ship afloat.
"If we mess this up, it's going to set women back when it comes to running for higher office for years to come," the operative said.
The label of being a "Harris person" apparently carries a weighted stigma with it in Washington — something that does not bode well for the fledgling veep as her first year in office begins to wrap up.
While turnover in a political office is natural, the early departure of key staffers can send signals of struggle to those outside the office walls.
People close to the vice president’s office told Axios that the departures are normal and come from the veep team’s exhaustion after the Biden campaign and transition.
Additionally, those close to Harris’ operation said that some of the departures are being driven by eyes wandering to greener financial pastures.
The turnover might be due to the chaos interwoven throughout Harris’ operation that has seen the vice president laugh off questions about the border and produce a space-themed video using child actors, among other controversies.
Harris’ poll numbers also paint a grim picture for the veep, with her cratering approval rating tailing President Biden’s own and showing how the country’s second in command is viewed by the populace.
The "Harris person" label also spells trouble for the vice president’s future political aspirations — her name is already being floated a potential replacement for Biden should he choose not to run again in 2024.
The report comes amid the news that Harris’ chief spokesperson, Symone Sanders, is departing the office at the end of the year.
Houston Keene is a reporter for Fox News Digital
https://www.foxnews.com/politics/vp-sta ... ris-person
"Kamala Harris' staffers leaving White House in part because they fear being labeled 'Harris person': report - Staff departures add to VP's problems, including bad poll numbers"
By Houston Keene | Fox News
3 DECEMBER 2021
A new report revealed that departing staffers for Vice President Harris are leaving their White House posts in part due to concerns of being forever labeled a "Harris person."
A growing list of Harris staffers are heading out the door amid internal chaos and disastrous poll numbers.
The concern of being labeled a "Harris person," as well as burnout and desire for greener pastures, are driving the exodus from the vice president’s office, sources familiar with the chaos in the VP's office told Axios.
One anonymous Democratic strategist said that Harris needs "someone loyal, who can think methodically to best position the vice president and to make sure everything she’s doing is being maximized and communicated to a broad population and get her numbers up."
A different Democratic operative close to the veep’s office told Axios that the staff departures are lighting a fire under chief of staff Tina Flournoy to keep the sinking ship afloat.
"If we mess this up, it's going to set women back when it comes to running for higher office for years to come," the operative said.
The label of being a "Harris person" apparently carries a weighted stigma with it in Washington — something that does not bode well for the fledgling veep as her first year in office begins to wrap up.
While turnover in a political office is natural, the early departure of key staffers can send signals of struggle to those outside the office walls.
People close to the vice president’s office told Axios that the departures are normal and come from the veep team’s exhaustion after the Biden campaign and transition.
Additionally, those close to Harris’ operation said that some of the departures are being driven by eyes wandering to greener financial pastures.
The turnover might be due to the chaos interwoven throughout Harris’ operation that has seen the vice president laugh off questions about the border and produce a space-themed video using child actors, among other controversies.
Harris’ poll numbers also paint a grim picture for the veep, with her cratering approval rating tailing President Biden’s own and showing how the country’s second in command is viewed by the populace.
The "Harris person" label also spells trouble for the vice president’s future political aspirations — her name is already being floated a potential replacement for Biden should he choose not to run again in 2024.
The report comes amid the news that Harris’ chief spokesperson, Symone Sanders, is departing the office at the end of the year.
Houston Keene is a reporter for Fox News Digital
https://www.foxnews.com/politics/vp-sta ... ris-person
Re: THE DAILY NEWS
FOX NEWS
"Kamala Harris, gaffe machine: VP's public appearances marked by awkward moments, controversies - Harris floated as possible successor to Biden presidency"
By Jessica Chasmar | Fox News
Published November 26, 2021
Vice President Kamala Harris is routinely being floated as the obvious choice for Democrats if President Biden chooses not to seek reelection in 2024, prompting fresh scrutiny of her performance in the White House, which has been punctuated by multiple gaffes, awkward moments and plummeting poll ratings.
While Biden, 79, has expressed his intention to seek a second term in 2024, some Democratic strategists doubt it will happen, given his age and declining popularity, which has been compounded by a devastating gubernatorial election loss for the Democrats in Virginia that has been interpreted as a referendum on his presidency.
Harris is being frequently floated in Democratic circles as a possible successor to the Biden presidency, but her missteps throughout the year and sinking approval ratings have sparked concerns.
A Fox News survey last month revealed that 45% of registered voters approved of Harris’ performance as vice president and 53% disapproved.
A lengthy CNN piece recently outlined mutual exasperation between Harris and Biden's offices as the vice president’s approval rating dips, with the former's aides feeling hung out to dry as she tackles thankless tasks without White House cover, and the latter's staff having "thrown up their hands" at her "lack of focus," as CNN put it.
Harris' public appearances have been marked by unforced errors and uncomfortable moments, some caused by the vice president and some caused by those around her.
One day after the CNN report, the White House’s announcer at Biden’s signing ceremony of the bipartisan infrastructure bill appeared to skip Harris’ turn to speak, instead introducing union political activist Heather Kurtenbach as the vice president waited awkwardly at the podium.
In front of the scenes, Harris has sparked multiple controversies during her public appearances as vice president.
Earlier this month, she was ridiculed after appearing to imitate a French accent while speaking to French scientists during a tour of a Parisian lab.
A week earlier, Harris was mocked for touting "great wins" for Democrats in New York City and New Jersey, two deep blue areas, after Democrat Terry McAuliffe was defeated by Republican Gov.-elect Glenn Youngkin in Virginia.
In October, Harris was featured in a space-themed video — the first in a YouTube series entitled "Get Curious with Vice President Harris" — that was heavily criticized online for the veep’s animated performance as well as the fact that child actors were used in its production.
In September, Harris sparked criticism after she nodded along while a student accused Israel of "ethnic genocide."
Harris responded by saying the student's "truth should not be suppressed" during an event at George Mason University in Fairfax, Virginia.
Days earlier, Harris compared the behavior of Customs and Border Protection agents pictured on horseback corralling Haitian migrants away from the U.S. border with the historical treatment of slaves and Indigenous Americans.
Harris was also criticized in September for traveling to California to campaign for Democratic Gov. Gavin Newsom while Californians were still stranded in Afghanistan.
In August, The Los Angeles Times, Harris’ hometown paper that previously lionized her, published a story headlined, "Kamala Harris has touted her role on Afghanistan policy. Now, she owns it too," knocking her for her role in the botched execution of Biden’s military withdrawal.
In July, Harris was derided for arguing against voter ID laws by claiming rural Americans can't get photocopies of their IDs because "there's no Kinkos" or "OfficeMax near them."
Harris also faced criticism in July after she declared that the Democratic lawmakers who fled Texas in an effort to block the state’s new election legislation from passing were "in line" with the legacy of Frederick Douglass and the Selma marchers.
In June, Harris was slammed by Republicans and Democrats alike after she dismissed a question from NBC News’ Lester Holt about why she had yet to visit the southern border, despite being tapped as border czar by Biden in March.
"And I haven’t been to Europe," Harris said at the time.
"And I mean, I don’t understand the point that you’re making."
"I’m not discounting the importance of the border."
Harris was knocked for not taking a trip to the U.S.-Mexico border for nearly 100 days after her appointment as border czar, raising eyebrows after she finally took a trip to Guatemala to address the root causes of the border crisis instead of the actual border.
She finally traveled to El Paso, Texas, in June for her first visit to the border as vice president, which some critics blasted as a photo-op.
She had previously repeatedly laughed off questions about whether she would take the trip.
In March, Harris was blasted for not addressing the multiple sexual harassment allegations against the now-former governor of New York, Democrat Andrew Cuomo, despite being a vocal supporter of the #MeToo movement.
While Biden eventually called on Cuomo to resign, Harris remained silent on the matter.
And within days of entering office, Harris faced controversy over an organization she once promoted, called the Minnesota Freedom Fund, after a man who was previously bailed out twice by the fund was arrested again.
More recently, in August, a man who was bailed out of jail on domestic assault charges by the same fund was subsequently charged with murder.
Fox News’ David Rutz and Brian Flood contributed to this report.
https://www.foxnews.com/politics/kamala ... rd-moments
"Kamala Harris, gaffe machine: VP's public appearances marked by awkward moments, controversies - Harris floated as possible successor to Biden presidency"
By Jessica Chasmar | Fox News
Published November 26, 2021
Vice President Kamala Harris is routinely being floated as the obvious choice for Democrats if President Biden chooses not to seek reelection in 2024, prompting fresh scrutiny of her performance in the White House, which has been punctuated by multiple gaffes, awkward moments and plummeting poll ratings.
While Biden, 79, has expressed his intention to seek a second term in 2024, some Democratic strategists doubt it will happen, given his age and declining popularity, which has been compounded by a devastating gubernatorial election loss for the Democrats in Virginia that has been interpreted as a referendum on his presidency.
Harris is being frequently floated in Democratic circles as a possible successor to the Biden presidency, but her missteps throughout the year and sinking approval ratings have sparked concerns.
A Fox News survey last month revealed that 45% of registered voters approved of Harris’ performance as vice president and 53% disapproved.
A lengthy CNN piece recently outlined mutual exasperation between Harris and Biden's offices as the vice president’s approval rating dips, with the former's aides feeling hung out to dry as she tackles thankless tasks without White House cover, and the latter's staff having "thrown up their hands" at her "lack of focus," as CNN put it.
Harris' public appearances have been marked by unforced errors and uncomfortable moments, some caused by the vice president and some caused by those around her.
One day after the CNN report, the White House’s announcer at Biden’s signing ceremony of the bipartisan infrastructure bill appeared to skip Harris’ turn to speak, instead introducing union political activist Heather Kurtenbach as the vice president waited awkwardly at the podium.
In front of the scenes, Harris has sparked multiple controversies during her public appearances as vice president.
Earlier this month, she was ridiculed after appearing to imitate a French accent while speaking to French scientists during a tour of a Parisian lab.
A week earlier, Harris was mocked for touting "great wins" for Democrats in New York City and New Jersey, two deep blue areas, after Democrat Terry McAuliffe was defeated by Republican Gov.-elect Glenn Youngkin in Virginia.
In October, Harris was featured in a space-themed video — the first in a YouTube series entitled "Get Curious with Vice President Harris" — that was heavily criticized online for the veep’s animated performance as well as the fact that child actors were used in its production.
In September, Harris sparked criticism after she nodded along while a student accused Israel of "ethnic genocide."
Harris responded by saying the student's "truth should not be suppressed" during an event at George Mason University in Fairfax, Virginia.
Days earlier, Harris compared the behavior of Customs and Border Protection agents pictured on horseback corralling Haitian migrants away from the U.S. border with the historical treatment of slaves and Indigenous Americans.
Harris was also criticized in September for traveling to California to campaign for Democratic Gov. Gavin Newsom while Californians were still stranded in Afghanistan.
In August, The Los Angeles Times, Harris’ hometown paper that previously lionized her, published a story headlined, "Kamala Harris has touted her role on Afghanistan policy. Now, she owns it too," knocking her for her role in the botched execution of Biden’s military withdrawal.
In July, Harris was derided for arguing against voter ID laws by claiming rural Americans can't get photocopies of their IDs because "there's no Kinkos" or "OfficeMax near them."
Harris also faced criticism in July after she declared that the Democratic lawmakers who fled Texas in an effort to block the state’s new election legislation from passing were "in line" with the legacy of Frederick Douglass and the Selma marchers.
In June, Harris was slammed by Republicans and Democrats alike after she dismissed a question from NBC News’ Lester Holt about why she had yet to visit the southern border, despite being tapped as border czar by Biden in March.
"And I haven’t been to Europe," Harris said at the time.
"And I mean, I don’t understand the point that you’re making."
"I’m not discounting the importance of the border."
Harris was knocked for not taking a trip to the U.S.-Mexico border for nearly 100 days after her appointment as border czar, raising eyebrows after she finally took a trip to Guatemala to address the root causes of the border crisis instead of the actual border.
She finally traveled to El Paso, Texas, in June for her first visit to the border as vice president, which some critics blasted as a photo-op.
She had previously repeatedly laughed off questions about whether she would take the trip.
In March, Harris was blasted for not addressing the multiple sexual harassment allegations against the now-former governor of New York, Democrat Andrew Cuomo, despite being a vocal supporter of the #MeToo movement.
While Biden eventually called on Cuomo to resign, Harris remained silent on the matter.
And within days of entering office, Harris faced controversy over an organization she once promoted, called the Minnesota Freedom Fund, after a man who was previously bailed out twice by the fund was arrested again.
More recently, in August, a man who was bailed out of jail on domestic assault charges by the same fund was subsequently charged with murder.
Fox News’ David Rutz and Brian Flood contributed to this report.
https://www.foxnews.com/politics/kamala ... rd-moments
Re: THE DAILY NEWS
FOX NEWS
"Psaki defends Harris' office amid departures, citing 'grueling' work -White House press secretary calls it 'natural' for staffers to 'move on,' sees 'opportunity' to bring in 'new faces'"
By Brooke Singman | Fox News
Published 2 DECEMBER 2021
White House press secretary Jen Psaki on Thursday defended the departures of high-profile advisers from Vice President Kamala Harris’ team amid reports of turmoil in the East Wing, saying it is "natural" for staffers to be ready to "move on" and an "opportunity" to bring in "new faces and perspectives."
Symone Sanders, chief spokesperson and senior adviser to Harris, resigned from her post this week and will leave the East Wing at the end of the year.
Sanders is the second top Harris aide to announce her departure in less than a month.
Just two weeks ago, it emerged that Harris communications director Ashley Etienne had resigned.
When asked about the high-profile departures and rumors of other potential Harris staffers weighing resignations, Psaki said past precedent shows White House staffers making external moves after some time working in an administration or on a campaign.
"Working on a presidential campaign…and working in the first year of a White House is exciting and rewarding, but it is also grueling and exhausting," Psaki said.
"It’s all of those things at once."
Psaki noted that while there was an announcement about Sanders’ departure, reports of other staffers resigning are not confirmed.
"Many of the team members you’re referencing, I would just note, that there has been an announcement about Symone Sanders departing, but there hasn’t been official announcements about the others," Psaki said.
Reports have surfaced this week that two other communications staffers – Peter Velz and Vince Evans – are also leaving Harris’ team.
"I would leave it to them and the vice president’s team to make any additional announcements," Psaki said.
But reflecting on her experience in past political work and in the Obama administration, Psaki said that the moves were "natural."
"In my experience, and if you look at past precedent, it’s natural for staffers who have thrown their heart and soul into a job to be ready to move on to a new challenge after a few years," Psaki explained.
"And that is applicable to many of these individuals."
Psaki also noted that it is an "opportunity" for any White House "to bring in new faces, new voices, new perspectives," and said the vice president’s office would make announcements on that "in due time."
Further, Psaki rejected the suggestion that the departures, specifically Sanders’, were due to negative coverage of the vice president.
Last month, a USA Today poll put Harris at a 28% approval rating.
Sanders worked as a senior adviser on President Biden’s 2020 campaign, a member of his transition team, a deputy assistant to the president, and a senior adviser/chief spokesperson to Harris.
"As many of you know, she has been a part of this for two and a half, or three years," Psaki said.
"She’s somebody, and anybody who has spent time with her knows, that she is whip smart, and she has charisma coming out of her eyeballs, and she is going to do plenty of interesting things in the world in the next couple of years to be ready for something new."
"That’s what happens, in my experiences, in my experience in the past, in White Houses, often," Psaki added.
A White House official on Wednesday night told Fox News that Biden and Harris "are grateful for Symone’s service and advocacy" and said she "will be missed."
Psaki on Thursday said she knows Harris is "grateful to all of the staff who have served her."
"She also understands the excitement and the grueling nature of working on a campaign and working in a White House," Psaki said.
"And, again, as I noted earlier, it is also an opportunity to bring in new faces and perspectives, which is, overall, a very positive thing."
Brooke Singman is a Politics Reporter for Fox News. Follow her on Twitter at @BrookeSingman.
https://www.foxnews.com/politics/psaki- ... eling-work
"Psaki defends Harris' office amid departures, citing 'grueling' work -White House press secretary calls it 'natural' for staffers to 'move on,' sees 'opportunity' to bring in 'new faces'"
By Brooke Singman | Fox News
Published 2 DECEMBER 2021
White House press secretary Jen Psaki on Thursday defended the departures of high-profile advisers from Vice President Kamala Harris’ team amid reports of turmoil in the East Wing, saying it is "natural" for staffers to be ready to "move on" and an "opportunity" to bring in "new faces and perspectives."
Symone Sanders, chief spokesperson and senior adviser to Harris, resigned from her post this week and will leave the East Wing at the end of the year.
Sanders is the second top Harris aide to announce her departure in less than a month.
Just two weeks ago, it emerged that Harris communications director Ashley Etienne had resigned.
When asked about the high-profile departures and rumors of other potential Harris staffers weighing resignations, Psaki said past precedent shows White House staffers making external moves after some time working in an administration or on a campaign.
"Working on a presidential campaign…and working in the first year of a White House is exciting and rewarding, but it is also grueling and exhausting," Psaki said.
"It’s all of those things at once."
Psaki noted that while there was an announcement about Sanders’ departure, reports of other staffers resigning are not confirmed.
"Many of the team members you’re referencing, I would just note, that there has been an announcement about Symone Sanders departing, but there hasn’t been official announcements about the others," Psaki said.
Reports have surfaced this week that two other communications staffers – Peter Velz and Vince Evans – are also leaving Harris’ team.
"I would leave it to them and the vice president’s team to make any additional announcements," Psaki said.
But reflecting on her experience in past political work and in the Obama administration, Psaki said that the moves were "natural."
"In my experience, and if you look at past precedent, it’s natural for staffers who have thrown their heart and soul into a job to be ready to move on to a new challenge after a few years," Psaki explained.
"And that is applicable to many of these individuals."
Psaki also noted that it is an "opportunity" for any White House "to bring in new faces, new voices, new perspectives," and said the vice president’s office would make announcements on that "in due time."
Further, Psaki rejected the suggestion that the departures, specifically Sanders’, were due to negative coverage of the vice president.
Last month, a USA Today poll put Harris at a 28% approval rating.
Sanders worked as a senior adviser on President Biden’s 2020 campaign, a member of his transition team, a deputy assistant to the president, and a senior adviser/chief spokesperson to Harris.
"As many of you know, she has been a part of this for two and a half, or three years," Psaki said.
"She’s somebody, and anybody who has spent time with her knows, that she is whip smart, and she has charisma coming out of her eyeballs, and she is going to do plenty of interesting things in the world in the next couple of years to be ready for something new."
"That’s what happens, in my experiences, in my experience in the past, in White Houses, often," Psaki added.
A White House official on Wednesday night told Fox News that Biden and Harris "are grateful for Symone’s service and advocacy" and said she "will be missed."
Psaki on Thursday said she knows Harris is "grateful to all of the staff who have served her."
"She also understands the excitement and the grueling nature of working on a campaign and working in a White House," Psaki said.
"And, again, as I noted earlier, it is also an opportunity to bring in new faces and perspectives, which is, overall, a very positive thing."
Brooke Singman is a Politics Reporter for Fox News. Follow her on Twitter at @BrookeSingman.
https://www.foxnews.com/politics/psaki- ... eling-work