Biden lauds strong October jobs report as House works toward votes on big economic bills

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  • President Joe Biden on Friday hailed October’s jobs report, saying strong gains in employment and a falling unemployment rate are proof that his economic plan is working.
  • The US job market returned to October, the Labor Department reported Friday, with non-farm payrolls rising more than expected, while the unemployment rate fell to 4.6%.
  • Despite recent job gains, inflation and the global supply chain crisis continue to dominate many Americans’ feelings about the economy.

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WASHINGTON – President Joe Biden hailed October’s jobs report on Friday, saying strong gains in employment and a falling unemployment rate are proof that his economic plan is working.

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The positive jobs news came as the House worked Friday to potentially pass Biden’s signature domestic legislation: a $1.75 trillion social spending and clean energy bill and a $1 trillion infrastructure package.

Strong jobs growth and a potential legislative victory could hardly have come at a more critical time for the president. Despite recent job gains, inflation and the global supply chain crisis continue to dominate many Americans’ feelings about the economy.

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Biden from the White House said, “There is much more to be done. We still have to deal with the costs that American families are facing. But this recovery is fast, strong and fair and compares to almost anyone’s prediction.” is widespread.”

The US job market returned to October, the Labor Department reported Friday, with non-farm payrolls rising more than expected, while the unemployment rate fell to 4.6%.

Non-farm payrolls for the month increased by 531,000, compared to the Dow Jones estimate of 450,000. The unemployment rate was expected to drop to 4.7%.

“Before we pass the US rescue plan, forecasters said it will take until the end of 2023 to reach the 4.6 unemployment rate,” Biden said, referring to the Covid-19 relief bill Congress passed earlier this year. “Today, we have reached the rate two years ago when forecasters thought it was possible.”

Private payrolls were even stronger, an increase of 604,000 as the loss of 73,000 government jobs dragged the headline numbers down. October’s profit represented a sharp pickup from September, which gained 312,000 jobs after a substantial upward revision in Friday’s report after an initial Bureau of Labor Statistics estimate of 194,000.

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The unexpectedly strong employment numbers also reflect the continued rise in US COVID vaccination rates. According to the White House, as of mid-October, 77% of eligible Americans had received at least one dose of the vaccine.

“For our economy to fully recover, we have to vaccinate and keep COVID down,” Biden said.

As vaccination rates have increased this fall, the spread of the highly infectious delta variant has slowed, from An average of 153,000 new cases per day at the end of July rose from about 67,000 in early NovemberAccording to data from the Centers for Disease Control and Prevention.

On Friday, Biden argued that his bills would reduce inflation, which has tarnished Americans’ view of the economy, despite other positive developments.

“If your number one issue is cost of living, then your number one priority should be to see Congress pass these bills,” he said.

But many economists doubt that the law will have an immediate effect on inflation or a halted supply chain. Rising costs and commodity shortages are being driven by a complex set of interconnected factors, many of them beyond the control of any government.

Despite the good economic news, polls show voters are losing faith in Biden and the Democrats’ handling of the economy.

The passage of Biden’s signature bills as well as several more months of job benefits could go a long way toward improving the president’s approval ratings.

—- CNBC’s Jeff Cox from New York.

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