On February 15, 2023, U.S. President Biden delivered an economic speech at the International Brotherhood of Electrical Workers Local 26 union in Lanham, Maryland.
Mandel Yan | AFP | Getty Images
U.S. President Biden trumpeted the May jobs report that far exceeded expectations, boasted of “America’s great comeback” and touted the economic plans of congressional Republicans. statement on Friday.
According to the U.S. Department of Labor, U.S. non-farm payroll employment increased by 272,000 in May, much higher than the Dow Jones consensus estimate of 190,000. The unemployment rate also rose from 3.9% to 4%, and the labor force participation rate dropped slightly to 62.5%.
“America’s great resurgence continues, but we still need to make more progress,” Biden said. “In my view, 15.6 million more Americans enjoy the dignity and respect that work brings. The unemployment rate has reached 30 consecutive The share of working-age women has remained at or below 4% for the longest time in 50 years.
Surprisingly strong job growth offset concerns about a labor market slowdown and could reduce the likelihood that the Federal Reserve will cut interest rates in the near future.
Biden has surged to victory in recent months as he seeks to sell his economic record to voters ahead of the November election and used the Dow’s latest milestone in May as an opportunity to slam former President Donald Trump.
Friday’s jobs announcement struck a similar political tone.
“Congressional Republicans have a different vision — one that puts billionaires and special interests first,” Biden said. “The Republican plan would increase inflation by repealing the Affordable Care Act, raise utility bills with Big Oil, let big banks fleece Americans, and increase debt by cutting taxes on billionaires.”
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