U.S. President Joe Biden speaks about the economy at the International Brotherhood of Electrical Workers Local 26 union in Lanham, Maryland, on February 15, 2023.
Almond Ngan | Afp | Getty Images
President Joe Biden praised May’s better-than-expected jobs report, bragged about “the great American comeback” and praised congressional Republicans’ economic plan in a statement Friday.
According to the U.S. Department of Labor, the U.S. economy added 272,000 nonfarm jobs in May, well above the Dow Jones consensus estimate of 190,000. At the same time, the unemployment rate rose from 3.9% to 4% and labor force participation fell slightly to 62.5%.
“The great American comeback continues, but we still have more progress to make,” Biden said. “Under my watch, 15.6 million more Americans will enjoy the dignity and respect that comes with a job. Unemployment has been at or below 4% for 30 months – the longest period in 50 years. And a record high proportion of working-age women have jobs.”
Surprisingly strong job growth counters fears of a labor market slowdown and likely reduces the likelihood that the Federal Reserve will cut interest rates in the near future.
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Biden has taken victory laps in recent months as he tries to sell his economic record to voters ahead of the November election. He used the Dow Jones’ most recent milestone in May as an opportunity to strongly condemn former President Donald Trump.
Friday’s job statement had a similarly political tone.
“Republicans in Congress have a different vision — one that puts billionaires and special interests first,” Biden said. “The Republican plan would increase inflation by repealing the Affordable Care Act, siding with big oil to raise electric bills, letting big banks rip off Americans, and increasing the debt through drastic tax cuts for billionaires to drift.”
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2024-06-07 19:23:29
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