Biden lauds sharp decline in unemployment rate, says he’s ‘confident’ Fed can control inflation

- Advertisement -


President Joe Biden took a victory lap Friday morning after the unemployment rate fell below 4% for the first time since the start of the COVID-19 pandemic, a Labor Department jobs report.

- Advertisement -

Biden said today was a “historic day for our economic recovery”, arguing that following the passage of the president’s COVID stimulus package in January, a bipartisan infrastructure package signed into law in November had dented his first year in office. Helped to create 6.4 million jobs. in office.

- Advertisement -

The US economy created 199,000 new jobs in December, lower than economists’ estimates of 422,000. However, the unemployment rate fell to 3.9%, the lowest level since the start of the COVID-19 pandemic.

Monthly job gains figures are derived from a survey of businesses, while the unemployment rate is calculated based on a survey of households, showing that 651,000 people got jobs in December after an increase of 1.1 million in November .

- Advertisement -

Economists generally consider business survey data to be more reliable, but the recent upward revision in job gains for previous months suggests that household surveys may more accurately reflect labor market strength of late.

read moreThe US jobs report is not as weak as it has been for the second month in a row. Why here?

Republicans criticized Biden for his handling of the economy, highlighting that job gains fell short of economist forecasts. House Minority Leader Kevin McCarthy, California Republican, “Today’s jobs report is another major omission, two million fewer jobs than expected,” said in a statement, “The labor participation rate must climb; Instead the world’s largest economy is being harassed by the government redundancies and mandates of the Washington Democrats. ,

Biden countered that Republicans “wanted to talk about recovery because they voted against the law that did that.” The GOP was united in its opposition to the January US rescue plan, although 19 of 50 Republicans in the Senate voted for the infrastructure bill, while 13 House Republicans also supported the legislation.

“My focus is now on keeping this recovery strong and sustainable, despite Republican obstruction,” Biden said. “I know that even though jobs and family incomes have improved, families are still missing out on costs and costs.”

Prices of a typical basket of consumer goods rose 6.9% in 2021, the fastest pace of inflation since 1981, trailing the 4.7% increase in average hourly earnings seen last year. Biden said he is confident the Federal Reserve will “act effectively to ensure that price increases are not impacted over the long term.”

He also argued that the provision in his Build Back Better Act, which has been stalled in the Senate, would lower costs for childcare, health care and education for average Americans.

,

- Advertisement -

Stay on top - Get the daily news in your inbox

DMCA / Correction Notice

Recent Articles

Related Stories

Stay on top - Get the daily news in your inbox