US President Joe Biden evaluated the May non-farm employment data announced today in his speech in the state of Delaware.
“America is moving forward again,” Biden said, praising his administration’s policies regarding the country’s unemployment rate reaching its lowest level since the beginning of the epidemic.
“NO ECONOMY HAS EMPLOYMENT GROWTH AS FAST AS OURS”
Pointing to the importance of the Covid-19 support package passed in the congress in March, Biden said, “No other major economy has increased employment as fast as we do, none of this is a coincidence.” he said.
Biden also pointed to the checks for $1400 per person distributed as part of the said support package, adding, “These aids we have provided have reduced the depression, anxiety and difficulty levels of families.” said.
In his speech, Biden also pointed to the infrastructure package that was presented to the Congress and is currently under discussion, and said that if this package is approved, the economy will grow even faster.
NON-FARMY EMPLOYMENT FAILED BELOW EXPECTATIONS IN THE USA IN MAY
According to the US Department of Labor report, non-farm employment in the country increased by 559 thousand in May, while the unemployment rate decreased from 6.1 percent to 5.8 percent.
The market expectation for non-farm employment data was 664 thousand.
Average hourly earnings in the US rose 0.5 percent month on month in May.
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