He says the U.S. can address inflation from a “position of strength.”
On Friday, President Biden praised the May jobs report as evidence of the economy’s underlying strength. In his televised address, he claimed that his administration engineered a successful economic recovery in the face of a souring public mood and high inflation.
“I know that in the face of today’s good news, a lot of Americans remain anxious. And I understand the feeling,” President Biden said. “There’s no denying that high prices, particularly around gasoline and food, are a real problem for people. But there’s every reason for the American people to feel confident we will meet these challenges. Because of the enormous progress we’ve made on the economy, Americans can tackle inflation from a position of strength.”
According to the Labor Department, employers added 390,000 jobs in May, exceeding the 328,000 jobs forecast. The unemployment rate remained steady at 3.6 percent, the lowest since February 2020 just before the pandemic hit. President Biden said, “The job market is the strongest it’s been since right after World War II.” He reiterated that fighting inflation is his “top economic priority,” but once again tried to put the onus of bringing down prices onto the Fed, saying he is giving the central bank “room to operate.”
As the Lord Leads, Pray with Us…
- For Commissioner William Beach as he oversees the operations of the Bureau of Labor Statistics.
- For the president’s administration as they seek to facilitate employment opportunities.
- For officials in the Department of Labor as they continue to assess employment data.
Sources: Wall Street Journal, Fox News
