When it comes to reassuring Americans about an economy that’s an election-year challenge to his party, President Joe Biden is telling the country to hold on.
Growth has fallen for two straight quarters, raising the specter of recession. But job gains have rolled on, including 263,000 more in September as a sign of economic health. Nonetheless, the latest jobs report sent stocks plummeting Friday on renewed worries that the Federal Reserve will have to continue aggressive interest rate increases to temper rising consumer prices.
“This is the progress we need to see,” the president said. “In the short term, the transition to a more stable growth that continues to deliver for workers and families while bringing inflation down. In the long term, the economy built on a firmer foundation. We still have a lot of work to do. We’re building a different economy than before, a better one, a stronger one.”
While Biden is not on the ballot Nov. 8, Democratic candidates are facing relentless criticism from Republicans who want to make the election a referendum on the president's performance. With GOP ads citing inflation and high gas prices, there is growing pressure for the White House to address the public's concerns about the economy before Election Day.
The U.S. national average is now $3.91 a gallon, according to AAA. That’s below the June high of $5.02, but higher than a month ago and a year ago . Fed officials indicated last month that the unemployment rate would climb next year to 4.4% — up nearly a full percentage point — if inflation were to fall below 3%. The hiring Biden that cheered on Friday might soon give way to losses.
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