The U.S. economy added 272,000 nonfarm payrolls in May, according to the U.S. Department of Labor, well ahead of the Dow Jones consensus estimate of 190,000.
President Joe Biden touted the May jobs report, boasting about"the great American comeback" and calling out Congressional Republicans.
in May, according to the U.S. Department of Labor, well ahead of the Dow Jones consensus estimate of 190,000. The unemployment rate rose from 3.9% to 4% at the same time, and the labor force participation rate decreased slightly to 62.5%. "The great American comeback continues, but we still have to make more progress," Biden said."On my watch, 15.6 million more Americans have the dignity and respect that comes with a job. Unemployment has been at or below 4% for 30 months—the longest stretch in 50 years. And a record high share of working-age women have jobs.
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"Congressional Republicans have a different vision—one that puts billionaires and special interests first," Biden said."The Republican plan would increase inflation by repealing the Affordable Care Act, siding with Big Oil to raise utility bills, letting Big Banks rip off Americans, and blow up the debt by slashing taxes for billionaires."
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