President Biden broadcasts historic job development in Might report
president Joe Biden announced historic job growth rates after a May report found his government added 339,000 jobs in the last month alone and 13 million jobs since taking office.
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According to the White House, manufacturing, leisure and travel are among the strongest labor markets
Senior Economic Advisor Daniel Hornung explains The Shadow Room that President Biden has created more jobs in the last 28 months than any other president in an entire four-year term.
“Manufacturing has had the most sustained growth in terms of jobs, which many people in America don’t think is possible,” Hornung said. “I think this report proved that the President can create manufacturing jobs in the United States.”
Hornung added that other industries like leisure, travel and healthcare are also at the forefront of the president’s job growth. According to Hornug, they have benefited from a business boon following COVID-19 recovery efforts.
Meanwhile, annual inflation has fallen for ten consecutive months. According to the Bidan government, wages are also higher than ten months ago. (However, the metric has been “adjusted for inflation”.)
In addition, senior officials report that the labor force participation rate of “prime-age” women is the highest since 1948.
Our economy created 339,000 jobs in May.
That’s a total of 13 million jobs created under President Biden.
And more jobs in 28 months than any president has created in a four-year term. pic.twitter.com/llNIdv1toQ
— The White House (@WhiteHouse) June 2, 2023
Job growth comes despite recession worries
The unemployment rate has now been below four percent for 16 months. According to Politico, the job growth comes despite reported recession fears.
Hornung says remote work also boosts job growth. Businesses now have the freedom to hire employees off-site, creating more opportunity in communities where public transit is scarce.
White House officials added that remote work has also helped Americans with disabilities back into the workforce, giving them “a variety of job opportunities through remote work opportunities.”
It’s hard to stress just how best the current job growth can be described as ‘EXTRAORDINARY ROBUST’.
Job growth at this rate, so far into the boom and with unemployment so low is almost unprecedented.
— Justin Wolfers (@JustinWolfers) June 2, 2023