President Joe Biden delivered a speech about the economy at the International Brotherhood of Electrical Workers Local 26 union in Lanham, Maryland on February 15, 2023. He highlighted the better-than-expected May jobs report, emphasizing “the great American comeback” and criticizing Congressional Republicans’ economic plan during the speech.
According to the U.S. Department of Labor, the U.S. economy added 272,000 nonfarm payrolls in May, surpassing the Dow Jones consensus estimate of 190,000. The unemployment rate increased from 3.9% to 4%, and the labor force participation rate slightly decreased to 62.5%. Biden acknowledged the progress made but stressed the need for further improvement.
Biden mentioned that under his administration, 15.6 million more Americans have jobs, and unemployment has remained at or below 4% for 30 months, the longest streak in 50 years. He also highlighted the record high share of working-age women currently employed.
The strong job growth in May comes as a relief amid concerns of a potential labor market slowdown and suggests that the Federal Reserve may not lower interest rates in the near future. Ahead of the November election, Biden has been promoting his economic record and taking aim at former President Donald Trump, as seen in his recent victory laps and statements regarding the economy.
In his speech, Biden criticized Congressional Republicans for their economic vision that prioritizes billionaires and special interests. He claimed that their plan would lead to increased inflation by repealing the Affordable Care Act, supporting Big Oil to raise utility bills, allowing Big Banks to exploit Americans, and expanding the debt by cutting taxes for billionaires.