Biden Praises NFP Data

U. S. President Joe Biden praised the October jobs report on Friday, saying the strong gains in employment and the falling unemployment rate are evidence that his economic plan is working.

Despite the recent job gains, inflation and a global supply chain crisis continue to haunt several Americans’ sentiments about the national economy.

The positive jobs news came as the House worked to potentially pass Biden’s signature domestic legislation Friday: a $1.75 trillion social spending and clean energy bill and a $1 trillion infrastructure package.

“There’s a lot more to be done. We still have to tackle the costs that American families are facing. But this recovery is faster, stronger and fairer and wider than almost anyone would have predicted,” Biden said Friday in remarks at the White House.

The U.S. job market snapped back in October, with nonfarm payrolls rising more than expected while the unemployment rate fell to 4.6%, the Labor Department reported Friday.

Nonfarm payrolls increased by 531,000 for the month, compared with the Dow Jones estimate of 450,000. The jobless rate had been expected to edge down to 4.7%.