President Joe Biden brushed aside a possibly alarming jobs report on Friday to claim that “Bidenomics” is responsible for the strongest labor market in decades.
The July employment report from the Bureau of Labor Statistics showed 187,000 jobs added in July, falling short of expectations and the lowest monthly total since the throes of the COVID-19 pandemic in 2020. Meanwhile, payroll jobs in June and May were revised down by 49,000.
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“Unemployment near a record low and the share of working-age Americans who have jobs at a 20-year high: that’s Bidenomics. Our economy added 187,000 jobs last month, and we’ve added 13.4 million jobs since I took office — more jobs added in 2 1/2 years than during any president’s four-year term,” the president wrote in a statement on Friday morning. “The unemployment rate is 3.5%, marking a full year and half below 4%. This follows recent news that our economy continues to grow, while inflation has fallen by nearly two-thirds and is at its lowest level in more than two years. We’re growing the economy from the middle out and bottom up, lowering costs for hardworking families, and making smart investments in America.”
Biden, senior administration officials, and top allies have long pointed to the strength of the labor market as a positive endorsement for the president’s economic platform, and though the labor market remains historically strong, a reversal could complicate their Bidenomics-focused reelection push.
Still, a labor market squeeze could indicate that the Federal Reserve’s rate hikes are finally having the desired outcome and could soon lead to a faster decrease in prices across all commercial goods.
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Biden is vacationing in Delaware, but Vice President Kamala Harris will deliver additional remarks on the July jobs report at the White House on Friday afternoon.
You can watch Harris’s remarks in full here.
