President Biden said on Friday he remained confident his economic plans were working and the United States was on the road to a full recovery, following the release of the slightly below-expected May Jobs Report.
Driving the news: The US economy created 559,000 jobs last month, while the unemployment rate fell to 5.8%, the lowest in the pandemic. Biden called the report “great news for our economy,” while warning that “we’re going to run into obstacles” on the way to a full recovery.
Between the lines: Democrats and Republicans are already using Friday’s jobs report as a framework to support or attack Biden’s multibillion-dollar spending plans, including his infrastructure proposal.
- “The failed policies of Joe Biden and the Democrats have given us another month where the economy has fallen short of expectations as Americans see the prices of gasoline, groceries and other essentials rise. soaring, ”Republican National Committee chair Ronna McDaniel said in a statement.
- Republicans have argued that generous unemployment benefits prevent Americans from looking for work, but the whole picture is more complex, as Friday’s jobs report showed.
What he says : “No other great economy in the world is growing as fast as ours. No other great economy is creating jobs as quickly as ours. And none of these successes are an accident, they are no luck. “Biden said in White’s remarks. Housing.
- “Now is the time to speed up the process that we have put in place. Now is the time to build on the foundation that we have laid,” he said, highlighting 1’s COVID back-up plan, $ 9 trillion passed by Congress. “Because if the progress is undeniable, it is not assured.”
- Biden appeared to acknowledge that the number of jobs was lower than expected, saying, “We can’t restart the world’s largest economy like flipping a switch. There are going to be ups and downs in jobs and reports. economic. “
Go further: Read Axios’ breakdown of the May Jobs report