The strong jobs data is welcome news for President Biden, who has insisted in recent weeks that the U.S. is not in recession despite two consecutive quarters of recession. is doing.
But the report ignored even the president’s own optimistic expectations about the state of the labor market and appeared to contradict the administration’s theory of where the economy was headed.
Biden celebrated the coverage on Friday morning. “Today, the unemployment rate is comparable to his 3.5%, the lowest in over 50 years,” he said in a statement. “More people are working than at any point in American history.”
“There is still work to be done, but today’s employment report shows that we are making great strides for working families.”
For months, the president has said he expects job creation to slow soon, along with rising wages and prices, as the economy moves toward a more stable state of slower growth and lower inflation. I was.
“If the average monthly job creation shifts from 500,000 today to nearly 150,000 next year,” Mr. Biden said. The Wall Street Journal Opinion Article “This kind of job growth, consistent with low unemployment and a healthy economy, would be a good sign of a successful transition into the next phase of the recovery.”
White House officials this week prepared reporters for a possible slowdown in job growth, in line with Mr. Biden’s expectations. The disappointing job creation numbers seem to have surprised them again.
But Biden will almost certainly cite the numbers as evidence that the economy is far from recession. He and his aide have said in recent weeks that the current pace of job creation has not kept pace with previous recession job numbers, and that shrinking gross domestic product does not mean the country is in recession. I have repeatedly said that I have proved that
