President Joe Biden received a boost from a surge in job growth in January, just hours before traveling to Philadelphia to deliver a speech on his economic vision for the United States.
The Labor Department reported on Friday that employers added 517,000 jobs in January, and the unemployment rate fell to 3.4 percent, the lowest since 1969.
Mr. Biden hailed the news in remarks at the White House as proof that his policies were successful despite months of inflation that caused economic pain for many people and fueled fears of a recession.
Senior White House officials have stated that they are pleased with declining numbers as long as they remain positive, making it easier for the Fed to end rate hikes as soon as possible. They believe the inflationary process has already begun, with consumer price growth slowing for six months in a row.
“We’ve heard a chorus of critics write off my economic plan for the past two years,” Mr. Biden said. “Well, today’s data proves it unequivocally. What I’ve always felt in my bones is that critics and cynics are wrong.”
The stunning jobs report will undermine McCarthy and other Republicans’ claims that Biden’s economy is collapsing under the weight of inflation, which they blame on large spending bills.
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