Better-than-expected job numbers were released today, showing that 372,000 jobs were created in June and the U.S. unemployment rate now stands at 3.6%, suggesting that the post-pandemic recovery continues and also giving signs that a recession may not be ahead.
According to CNBC:
Job growth accelerated at a much faster pace than expected in June, indicating that the main pillar of the U.S. economy remains strong despite pockets of weakness.
Nonfarm payrolls increased 372,000 in the month, better than the 250,000 Dow Jones estimate and continuing what has been a strong year for job growth, according to data Friday from the Bureau of Labor Statistics.
The unemployment rate was 3.6%, unchanged from May and in line with estimates. An alternative measure of unemployment that includes discouraged workers and those holding part-time jobs for economic reasons fell sharply, dropping to 6.7% from 7.1%.
President Joe Biden couldn’t resist taking a bit of a victory lap when it came to the positive jobs report, issuing a statement in which he also seemed to be trolling his predecessor, Donald Trump:
“Today, we learned that our private sector has recovered all of the jobs lost during the pandemic, and added jobs on top of that. This has been the fastest and strongest jobs recovery in American history, and it would not have been possible without the decisive action my Administration took last year to fix a broken COVID response, and pass the American Rescue Plan to get our economy back on track.
In the second quarter of this year, we created more jobs than in any quarter under any of my predecessors in the nearly 40 years before the pandemic. We have more Americans working in the private sector today than any day during Donald Trump’s Presidency – more people than any time in our history.”
Biden also issued a marching order to Congress, urging them to come together and pass legislation that will further boost the American economy:
“Of course, having added a record number of new jobs, and achieved historically low levels of unemployment, additional job growth from this strong position will be slower. That is not a bad thing, because our economy should move to stable growth for the years ahead.
“The best way to achieve that goal is for Congress to pass legislation that lowers costs for families – from prescription drugs to utility costs – while reducing the federal budget deficit, in addition to passing the Bipartisan Innovation Act.”
Featured Image: NBC News
