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Biden Touts Jobs Report as White House Insists Economy Strong

Economy Aug 05, 2022 10:27AM ET
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© Bloomberg. Joe Biden Photographer: Oliver Contreras/Bloomberg

(Bloomberg) -- President Joe Biden said the unemployment rate falling to pre-pandemic lows was “the result of my economic plan” as the White House sought credit for surging jobs gains that bolstered the president’s insistence the nation has not fallen into recession.

“More people are working than at any point in American history,” Biden said in a statement Friday. “That’s millions of families with the dignity and peace of mind that a paycheck provides. And, it’s the result of my economic plan to build the economy from the bottom up and middle out.”

The 528,000 jobs added in July was more than double the 250,000 predicted in a consensus estimate of Bloomberg economists. The overall unemployment rate fell to 3.5%, Labor Department data showed, matching a five-decade low. 

Read more: US Job Growth Surges, Tempering Recession Worry and Pressing Fed

The gains came even as White House officials had warned earlier in the week that they expected job growth to cool. Biden has said his goal is for “steady, stable” economic growth. The figures sent stock futures tumbling as analysts predicted that the robust job market would leave the Federal Reserve more likely to aggressively hike interest rates in September as the central bank tries to fight soaring inflation.

Still, the strong labor market helps Biden argue that the overall economy remains strong despite two consecutive quarters of negative GDP growth, which has prompted Republican criticism that the US has entered a recession. 

“There’s more work to do, but today’s jobs report shows we are making significant progress for working families,” Biden said.

The jobs report caps a stretch of good fortune for the president, who saw his approval rating slip to record lows last month. Since then, Senate Democrats have agreed on a legislative package that includes subsidies to lower the cost of health care and electric vehicles, gas prices have fallen significantly, and Congress approved a package that included more than $50 billion in subsidies for domestic semiconductor manufacturing.

©2022 Bloomberg L.P.

Biden Touts Jobs Report as White House Insists Economy Strong
 

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Comments (2)
carlos guo
carlos guo Aug 05, 2022 10:38AM ET
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People are having to work two jobs because wage growth is significantly below inflation.
carlos guo
carlos guo Aug 05, 2022 10:37AM ET
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Market pumps when it is announced we have entered a literal recession with negative GDP growth, market dumps when they announce "strong jobs report". They are not even trying to hide the corruption anymore. This market has nothing to do with the health of the economy, just how much inflation the Fed is printing to steal money from the lower/middle class and inject into the pockets of Wall Street and the government. Somebody has got to pay for the 87,000 new IRS employees Brandon wants to hire and the billions being sent to fund the corrupt actor in Ukraine.
nick cage
nick cage Aug 05, 2022 10:37AM ET
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Exactly. This entire admin has been tax the poor feed the rich. They have been fighting to lower rich peoples taxes Trump imposed.
 
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