A recurring theme from supporters of President Joe Biden since the debate debacle has remained: 鈥淟ook at my record.鈥 Biden himself said, 鈥淚 know how to do this job.鈥
The latest jobs report has shown that the Biden-Harris administration has been as effective as any other in American history.
According to the Labor Department鈥檚 report Friday, the American labor market produced another solid month of employment gains in June. The economy added 206,000 jobs, while the unemployment rate edged up to 4.1% from 4% the previous month.
This marks the 42nd consecutive month of job growth, with teen employment also reaching new heights. In June, 37.3% of 16-to-19-year-olds were employed, the highest rate for that month since 2007.
Addressing the latest figures, Biden emphasized the administration鈥檚 track record.聽
鈥淲ith today鈥檚 report that 206,000 jobs were created last month, a record 15.7 million jobs have been created during my administration,鈥 Biden said in a statement. 鈥淲e have more work to do, but wages are growing faster than prices and more Americans are joining the workforce, with the highest share of working-age Americans in the workforce in over 20 years.鈥
Though the unemployment rate slightly increased, economists suggest this may not indicate a downturn.
Tom Simons, a U.S. economist at Jefferies, noted to reporters: 鈥淩ather than indicating a big decline in labor market demand, we view this data as a sign that workers themselves have better opportunities for full-time employment such that they do not have to go to a temp agency.鈥
The broader unemployment rate, which includes discouraged workers and those working part-time for economic reasons, held steady at 7.4%. Household employment, used to calculate the unemployment rate, rose by 116,000. However, the household survey also showed a decrease of 28,000 full-time workers and an increase of 50,000 part-time workers.
Nonfarm payrolls increased by 206,000 for the month, surpassing the Dow Jones forecast of 200,000, though it was below the revised gain of 218,000 in May.
David Russell, global head of market strategy at TradeStation, commented on the data to CNBC, saying, 鈥淭he job market is bending without yet breaking, which boosts the argument for rate cuts. Things are not too hot and not too cold. Goldilocks is here, and September is in play鈥 for a Fed rate cut.
Government employment has nearly returned to its pre-pandemic level and trend, adding to the overall positive outlook.
Despite these gains, Biden acknowledged ongoing challenges.聽
鈥淭oo many Americans are still feeling squeezed by the cost of living,鈥 he said. 鈥淚鈥檓 fighting to lower costs by taking on corporate price gouging, capping the cost of insulin and prescription drugs, and calling on Congress to lower rent by building 2 million new homes.鈥
Biden contrasted his administration鈥檚 efforts with those of Congressional Republicans, asserting that their policies would 鈥渟upercharge inflation鈥 and impose high tariffs, costing middle-class families thousands of dollars annually.
鈥淲hile they fight for Park Avenue, I鈥檒l keep fighting for working families like the ones I grew up with in Scranton,鈥 Biden concluded.