President Biden on Friday pointed to stronger-than-expected job gains in May as evidence that his economic plan is working.
Employers went on a hiring spree last month, adding 339,000 jobs despite rising interest rates and elevated inflation, according to a report from the Labor Department. The report also included revised job gains for March and April showing that hiring in those months was stronger than previously reported.
The job numbers, which surpassed Wall Street predictions, extend the labor market’s hot streak. May’s rise was the 29th straight monthly increase in employment.
Unemployment, which had been at a half-century low, increased to 3.7%, a slight uptick from 3.4% in April.
Mr. Biden used the Labor Department’s data to take a victory lap, saying the bipartisan bill to avert default would keep the streak going.
On his victory lap, Mr. Biden said the bipartisan bill to avert default would keep the streak going.
“In short, the Biden economic plan is working,” he said in a statement following the report. “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.”
The Senate on Thursday passed a bill that lets the government keep borrowing above the $31.4 trillion limit through Jan. 1, 2025, averting the U.S. defaulting on its bills just days ahead of the deadline. The national debt is $31.8 trillion and climbing.
Now the bipartisan bill will head to Mr. Biden’s desk to be signed into law, which he has said he will do.
Mr. Biden will deliver an address to the nation Friday about the bill.
“The agreement protects our historic and hard-earned economic recovery and all the progress that American workers have made in the last two years. And it protects key priorities and accomplishments from the last two years,” he said in the statement. “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.”
• Jeff Mordock can be reached at jmordock@washingtontimes.com.
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