Biden pleased with May jobs report after debt ceiling issue.

President Biden’s Economic Plan is Working, but the Work is Far from Finished

“The Biden economic plan is working. And due to the historic action taken by Congress this week, my economic plan will continue to deliver good jobs for the American people in communities throughout the country. Our work is far from finished, but this agreement is a reminder of what’s possible when we act in the best interests of our country.”

President Joe Biden is celebrating the May jobs report as proof that his economic plan is working. The Bureau of Labor Statistics reported that the economy added 339,000 nonfarm jobs in May, far surpassing projections for the month. The country has averaged 280,000 new jobs per month for the past three months, indicating a degree of stability despite more than a year of interest rate hikes from the Federal Reserve and recent economic stability surrounding the debt ceiling.

Debt Limit: The Government Spending Standoff That Could Come Next

However, the historically low unemployment rate rose three-tenths of a point to 3.7%, with the total number of unemployed rising to 6.1 million. Despite this, President Biden remains optimistic about the future of the economy and the American people.

He will deliver remarks on the economy and the new debt ceiling agreement Friday night in prime time from the White House. The deal came after a monthslong stalemate with House Speaker Kevin McCarthy and Republican lawmakers over federal spending levels. Still, the White House has maintained that recent negotiations centered on the appropriations process, rather than the debt limit.

Overall, the May jobs report is a positive sign for the American economy, but there is still much work to be done. President Biden’s economic plan is working, but it is far from finished. Let’s continue to act in the best interests of our country and work towards a brighter future for all Americans.