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Biden touts jobs numbers, says he has made 'significant progress' in effort to 'rebuild the middle class'
Employers added 528,000 jobs in July, the Labor Department said Friday
By Brooke Singman , Megan Henney FOXBusiness
President Biden on Friday touted U.S. job growth, which unexpectedly accelerated in July, saying "more people are working than at any point in American history," and using jobs numbers to prove he has kept his campaign promise to "rebuild the middle class."
Employers added 528,000 jobs in July, the Labor Department said in its monthly payroll report released Friday, blowing past the 250,000 jobs forecast by Refinitiv economists. The unemployment rate, meanwhile, edged down to 3.5%, the lowest level since the COVID-19 pandemic began more than two years ago.
"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 said in a statement. "That’s millions of families with the dignity and peace of mind that a paycheck provides.
"And, it’s the result of my economic plan to build the economy from the bottom up and middle out," Biden continued. "I ran for president to rebuild the middle class — there’s more work to do, but today’s jobs report shows we are making significant progress for working families."
The job growth defied fears of a slowdown in hiring, even as the labor market confronts twin threats of scorching-hot inflation and rising interest rates.
The U.S. has now replaced all of the jobs that were lost during the pandemic.
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