BusinessBiden lauds 175,000 new jobs, emphasizes economic resilience

Biden lauds 175,000 new jobs, emphasizes economic resilience

Employers in the United States added 175,000 jobs in April, signaling a slower but steady pace of labor market growth.

According to the latest Labor Department report, this is the 27th consecutive month the unemployment rate has remained below 4%.

The slight uptick in the unemployment rate to 3.9% contrasts with previous periods of low unemployment. Notably, the rate has been sustained at historically low levels, comparable to those recorded during low-unemployment periods between 1967 and 1970 and 1951 and 1953.

Following a robust start to the year, April’s job growth represents a cooldown, with the smallest increase in half a year. Average hourly wage growth also moderated to $34.75, up 3.9% from the previous year. Despite this, wages have consistently outpaced inflation since May of the prior year, marking a significant shift after years of lagging.

“The great American comeback continues,” stated President Joe Biden in response to the data while emphasizing the creation of over 15 million jobs since he took office.

“When I took office, I inherited an economy on the brink, with the worst economic crisis in a century,” Biden said. “Now we are seeing that plan in action, with well over 15 million jobs created since I took office, working-age women employed at a record high rate, wages rising faster than prices, and unemployment below 4% for a record 27 months in a row.”

House Democratic Leader Hakeem Jeffries echoed Biden’s sentiments and highlighted the positive trends in the job market.

“The April Jobs Report showed another month of consistent job creation by the Biden-Harris administration,” Jeffries stated. “Wages are up, unemployment remains near historic lows, and the American economy is continuing to grow at a steady pace.”

Both leaders acknowledged the ongoing work required to ensure widespread economic prosperity, contrasting their approach with that of congressional Republicans.

“While House Democrats are working to build on this economic progress, House Republicans are continuing to push Donald Trump’s extreme MAGA agenda to benefit the wealthy, well-off, and well-connected,” Jeffries asserted.

The healthcare and social assistance sectors saw the most substantial job growth, reflecting ongoing demand for services in the post-pandemic economy. Healthcare added 56,000 jobs, with notable gains in ambulatory health services, hospitals, and nursing and residential care facilities. Social assistance, including social work and counseling, also experienced an increase of 23,000 jobs.

Meanwhile, the warehousing, transportation, and retail sectors showed signs of rebounding after the slowdowns experienced during the pandemic. Warehousing and transportation added 22,000 jobs, while retail saw an increase of 20,000, particularly in general merchandise and building material, garden equipment, and supplies dealers.

Construction added 9,000 new jobs, indicating a slower but still noteworthy pace compared to previous years despite sensitivity to interest rate hikes.

Economists attribute the prolonged period of low unemployment to various factors, including demographic shifts and federal stimulus measures. However, uncertainties persist due to the Federal Reserve’s decision to maintain interest rates amid concerns about inflation, which could impact future economic conditions.

Biden said the April job report provides insight into the “resilience of the American economy.” 

Source: Washington Informer

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