Biden praised his vast infrastructure and spending plans that are pending in Congress
President Biden stated that the U.S. economy was making “consistent, steady progress” despite not meeting the September jobs report projections. However, he maintained that the economy is “moving ahead.”
Biden stated that today’s unemployment report shows that it has fallen to 4.8%. This is a significant improvement since when I took office and a sign of how our economy is moving forward, even with the COVID pandemic.” He also said that “jobs” and “wages” are both up.
He said, “That’s progress.”
According to the September jobs report, hiring increased last month due to decreased COVID-19 cases nationwide and ending federal unemployment benefits for millions of Americans.
The Labor Department however announced Friday that U.S. employers had hired far fewer workers then expected.
In September, nonfarm payrolls rose by 194,000 workers as the unemployment rate dropped to 4.8%. Refinitiv polled economists and found that they expected 500,000 more jobs to be created, while the unemployment rate would fall to 5.1%.
August job gains were up to 36,000, compared with 235,000 in July.
However, the president praised the Labor Department’s findings that in the third quarter 2021, there were fewer job cuts and layoffs than in 1997.
Biden stated that the jobs report reminded him of “important work ahead of me and important investments that we must make.”
Biden stated that America is still the world’s largest economy, but that if we don’t move, we risk losing our edge. He also praised his massive infrastructure investments and spending plans in Congress. Biden claimed that the plan will give American workers “a fighting shot” and increase the country’s GDP and create more jobs.
Biden stated that these bills were about complacency versus competitiveness. “Opportunity or decay. These are about leading the way or letting the world pass you by.
He said, “The American people understand what’s at stake.” They know that America is better off if workers and families have a better chance.
Since September 5, when the $300 per week in supplemental unemployment benefit benefits ended, the September report was the first. Economists continue to assess the impact of Child Tax Credit which pays up to $3600 per child per annum. Companies are increasingly imposing mandatory vaccine requirements that will have an impact on the future.
Important job gains were seen in leisure and hospitality (+74,000), which was led by the arts and entertainment sector (+43,000). After averaging a monthly gain in hiring for food services and drink places, there was little change in the second consecutive month. Slight gains were also seen in professional and business services (+60,000), retail trade (+156,000), as well as transportation and warehousing (+147,000).
Last month saw job losses in both state and local government education (-144,000), respectively.
Last month, the number of workers who reentered the workforce fell by 198,000 to 2.3million. The labor force participation rate, which was at 61.6% in February 2020 was unchanged and was 1.7 percentage point lower than its February 2020 level. Since June 2020, the rate has remained between 61.4% & 61.7%.
The average hourly wage rose 0.6% in September, and was 4.6% higher year-over-year. Economists expected a 0.4% monthly rise and a 4.6% annual increase.