President Biden commented on the August jobs report: On Friday, President Joe Biden praised the August jobs report, which slightly beat analysts’ expectations and revealed another month of sluggish job growth, something White House officials had been hoping for recently. Officials in the White House They eagerly awaited the release of the jobs report in August for signs of a controlled slowdown in the overheated economy that has fueled inflation not seen in decades.
For several months, Biden and his closest aides have laid the groundwork for an employment picture that deviates from the impressive numbers of the rapid economic recovery since the pandemic. “The good news is that people are going back to work and incomes are increasing. And while I won’t overstate it, there are some indications that inflation may be starting to ease. In remarks from the White House, Biden noted.
Although the relocation of “steady and steady” growth, as officials described it, is being boosted, it is also supported by clear economic goals from the White House as inflation continues to rise. Officials stress that rapid growth in wages and jobs will have to be moderated for prices to slow significantly. Aggressive rate hikes by the Federal Reserve are a significant factor in the need for cooling, but so is the cyclical transition authorities expect the economy to go through.
In several ways, the August report was aimed at what the sources had previously said they wanted to see. The employment figure of 315,000 shows that the historically stable labor market was not a sharp decline. The unemployment rate has risen for good reason: more Americans are actively looking for work.
In addition, wage growth has slowed. The Federal Reserve would have raised interest rates significantly this month if another gangster report had been released. To curb rising costs for Americans in the face of the biggest price spikes in decades, the Federal Reserve approved an extremely large interest rate hike of three-quarters of a percentage point in July.
While Friday’s result does not rule out the Fed taking that course, it is more consistent with a labor market entering a cycle of sustained growth. The president praised the increase in manufacturing employment since he took office and mentioned that companies such as First Solar, Corning and Micron have pledged to invest tens of billions of dollars to boost US manufacturing.
Although Biden has made Fed independence a cornerstone of his administration’s fight against inflation, officials are quietly aware that if the Fed continues its rapid tightening, as Federal Reserve Chairman Jerome Powell hinted last week, it could have drastic adverse effects on the same people Biden’s entire plan is designed to help.
However, Biden has made it clear that neither he nor his economic team will try to pressure or influence Fed policy, which officials say makes any data release that aligns with the administration’s goals even more difficult. -decisive. On Friday, Biden also announced the 21 winners of a regional economic development competition.
According to Biden, each of the 21 projects will receive between $25 million and $65 million for projects that “will uplift underserved communities and engage them as key parts of America’s economic recovery for the 21st century.” The program, according to the president, is “focused on the vision that as our economy rebuilds and modernizes, while science and technology accelerates and changes the nature of how we produce, we want workers and small businesses to lead this transition by making sure you’re a part of it.
Not just being removed, instead of fearing that the transition will leave them behind.” The funds will be used for various initiatives, such as programs to help transition to electric cars, creating a digital finance industry for small businesses in tribal communities, rebuilding pharmaceutical supply chains and placing solar energy systems on former coal lands.
President Biden talked about the jobs report in August.
The economy added 315,000 jobs last month, beating economists’ expectations but far below the July report, when employment jumped by a revised 526,000 positions. https://t.co/ID8gmXt8u3 pic.twitter.com/sIvBRJ2pDd
— CNN (@CNN) September 2, 2022
According to the White House, more than 270 million dollars of the funds will be used to create workforce development programs. The White House reports that more than 150 million dollars will go to projects benefiting communities affected by declining fossil fuel use, with $87 going to two tribal-dominated coalitions.