Biden touts ‘great American comeback’ after better-than-expected May jobs report
In a statement Friday, President Joe Biden cited a much better-than-expected May jobs report, boasted of a “great American comeback” and urged congressional Republicans to come up with an economic plan.
The U.S. economy added 272,000 nonfarm payrolls in May, beating the Dow Jones consensus estimate of 190,000, according to the U.S. Labor Department. The unemployment rate rose from 3.9 percent to 4 percent during the same period, and the labor force participation rate declined. slightly up to 62.5%
“The great American comeback continues, but we still have to make progress,” Biden said. “As I look on, 15.6 million other Americans are enjoying the dignity and respect that comes from work. Unemployment has been at 4 percent, or less than 30 months the longest period in the last 50 years. And a record high proportion of working-age women have jobs.”.
The surprisingly strong job growth eases fears of a labor market slowdown and is likely to reduce the likelihood that the Federal Reserve will cut interest rates in the near future.
Biden has been riding high in recent months as he tries to sell voters on a record economy ahead of the November election, using the Dow’s latest milestone in May as an opportunity to defeat former President Donald Trump.
“Republicans in Congress have a different vision — one that puts billionaires and special interests first,” Biden said. “The Republican plan would raise inflation by repealing the Affordable Care Act, colluding with Big Oil to raise utility bills, letting big banks rip off Americans and blowing up debt by cutting taxes for billionaires.”.
