Biden touts ‘great American comeback’ after better-than-expected May jobs report

“The great American comeback continues, but we still have to make more progress,” Biden said. “On my watch, 15.6 million more Americans have the dignity and respect that comes with a job. Unemployment has been at or below 4% for 30 months—the longest stretch in 50 years. And a record high share of working-age women have jobs.”

The surprisingly strong job growth counters fears of a labor market slowdown and likely reduces the chance that the Federal Reserve will lower interest rates in the near future.

Biden has taken victory laps in recent months as he tries to sell voters on his economic record ahead of the November election, using the Dow’s latest milestone in May as an opportunity to slam former President Donald Trump.

Friday’s jobs statement took a similarly political tone.

“Congressional Republicans have a different vision—one that puts billionaires and special interests first,” Biden said. “The Republican plan would increase inflation by repealing the Affordable Care Act, siding with Big Oil to raise utility bills, letting Big Banks rip off Americans, and blow up the debt by slashing taxes for billionaires.”