(PartiallyPolitics.com) President Biden on Friday cleared the final job reports of 2022, noting that the U.S. is “moving in the right direction” as they are working to reduce inflation. The December report showed that the U.S. employment growth has slowed down in large part because of the interest rates and inflation both being high. However, even with it slowing down, the labor market has remained historically strong.
Biden in a statement said that it was good to have “moderation in job growth.” He added that this is a pattern that should stick while the labor market recovers.
In December, 223,000 jobs were added, which brought the unemployment rate to 3.5 percent. The unemployment level dropped by 0.2 percent between November and December according to the Labor Department. The employment gain still remains higher than economists’ expectations, however, there are no warning signs that the economy might be overheating.
The president said that the report is “great news for our economy and more evidence that my economic plan is working.” He continued by reiterating that the country is heading in the right direction.
In December wage growth also continued to grow, with a 0.3 percent increase since November, marking a 4.6 percent increase in the last 12 months.
Biden has said that the report is indicating that American families are going to have more breathing room as they continue to handle high inflation. He also added that gas prices going down also provided relief for everyday Americans. He ended his speech by saying that it was a good time to be a worker in America.
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