President JoeBiden took a cautious victory lap on the red hot jobs report, adding 'there’s more work to do.'
The July report showed unemployment falling to 3.5% in July, matching a pre-pandemic low set back in 1969. Hispanic unemployment also hit an all-time low of 3.9%."Today, the unemployment rate matches the lowest it’s been in more than 50 years: 3.5%. More people are working than at any point in American history," Biden wrote."That’s millions of families with the dignity and peace of mind that a paycheck provides.
Biden, reiterating claims that he"ran for president to rebuild the middle class," cautioned that"there’s more work to do" but cited Friday's report as evidence his economic policies"are making significant progress for working families." Friday's report comes as a potential recession remains at the front of the public conversation. Biden and his top administration officials have argued that though the United States posted negative economic growth in the first two quarters of 2022, the strength of the labor market and various other factors were keeping the country out of a recession.
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