Biden celebrates December jobs report as Fed mulls further rate hikes
Christian Datoc
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President Joe Biden celebrated the December jobs report Friday, claiming the hundreds of thousands of jobs added to end 2022 represented “more evidence” that his “economic plan is working.”
The Bureau of Labor Statistics said Friday that the economy added 223,000 jobs in December 2022, with unemployment falling to 3.5%, just weeks ahead of another potential rate hike by the Federal Reserve.
ECONOMY ADDED 223,000 JOBS IN DECEMBER, UNEMPLOYMENT DOWN TO 3.5%
“The unemployment rate is the lowest in 50 years. We have just finished the two strongest years of job growth in history. And we are seeing a transition to steady and stable growth that I have been talking about for months,” Biden wrote in a statement. “We still have work to do to bring down inflation, and help American families feeling the cost-of-living squeeze. But we are moving in the right direction.”
The president further cited unemployment approaching historic lows for black and Hispanic Americans and people with disabilities.
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Friday’s report also comes days after the Labor Department reported weekly jobless claims falling to 204,000, their lowest point in months.
The Biden administration has repeatedly pointed to the strength of the labor market as a core signal that the president’s policies are not driving the country toward a recession, despite the economy shrinking for consecutive quarters in the past year and inflation remaining elevated to start 2023.