June jobs report beats expectations FOX Business’ Cheryl Casone also
The U.S. posted strong job growth in June, but the total number of Americans remained below its pre-pandemic level, federal data showed.
Employers It added 372,000 jobs, more than expected The U.S. unemployment rate was unchanged at 3.6% last month, the Labor Department reported Friday morning. The job gains bring the total number of US workers to nearly 152 million, down slightly from the pre-pandemic 152.5 million recorded in February 2020, according to the Federal Reserve database.
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“The historic strength of our job market is one reason our economy is uniquely positioned to weather a variety of global economic challenges, from global inflation to Putin’s war-induced recession,” President Joe Biden said in a statement. “No country is in a better position than the United States to reduce inflation without giving up all of the economic gains we’ve made over the past 18 months.”
President Biden says the June jobs report shows the economy is “uniquely well-positioned to deal with global economic challenges,” from global inflation to “the fallout from Putin’s war.” (Kent Nishimura/Los Angeles Times via Getty Images/Getty Images)
Biden celebrated that the report showed private sector jobs returning to pre-pandemic levels. He said job growth will slow in the coming months, but that won’t necessarily be a bad thing.
Still, Republicans and some business groups slammed the president following Friday’s statement Inflation hits consumers across the country. Inflation rose 8.6% year-on-year in May. The highest jump since late 1981Recent data have shown.
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“President Biden’s spokesman tried to say yesterday that we’re in better economic shape than ever, yet high prices continue to hammer everyone,” said Rep. Brian Steele, R-Wis. , Fox News Digital said in a statement. “The White House is out of touch and the American people are paying the price.”
Mark Avalon, founder and president of Potomac Wealth Advisors, said the Fed has a ‘dual mandate’ to control inflation and keep employment strong.
Alfredo Ortiz, president and CEO of the Job Creators Network, said despite the big top-line number “it’s clear the economy is in bad shape” based on the report. He cited low wage growth and a low labor force participation rate.
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“The unemployment rate of 3.6 percent is wrong — it excludes those who can and should work, but it excludes those who have dropped out of the labor force,” Ortiz said in a statement. “We’re also experiencing the lowest consumer sentiment on record.”
“The cause of this disaster is clear: President Biden’s policies, especially his record spending that is causing the worst inflation in four decades,” he continued.
