US President Joe Biden lauded Friday’s jobs report for July, saying it represented the fastest job growth rate in history.
US businesses added 528,000 new jobs last month despite warning signs of an economic slowdown, and the report eased fears of a recession and gave Biden good news ahead of November’s midterm elections.
As a result, unemployment fell again from 3.6% to 3.5%, equivalent to the lowest level in 50 years as during the pre-pandemic.
Speaking from the White House balcony while recovering from COVID-19, Biden said his economic plan was working.
“Today more people are working in America than before the pandemic started. In fact, more people work in America than in the entire history of America,” he said.
Biden also praised the rebound in manufacturing jobs in America, saying that since he took office, the country has seen the largest and fastest job recovery in the manufacturing sector since the 1950s.
“Some have given up on the fate of the manufacturing sector, but the American people have not given up and neither have I,” Biden said. [jm/pp]