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Outside of a Starbucks in Manhattan, New York City, New York, United States, on May 26, 2021, a sign advertising job openings is seen. ANDREW KELLY/REUTERS Reuters, WASHINGTON, July 2 – President Barack Obama praised Friday’s solid monthly jobs report, calling it proof that his economic and pandemic-fighting measures are working. In remarks at the White House, Biden said, “This is unprecedented progress, lifting our economy out of the worst crisis in a century, driven in part by our dramatic progress in vaccinating our nation and driving back the pandemic, as well as other aspects of the American Rescue plan.” “To put it simply,” Biden remarked, “our economy is on the move.” The $1.9 trillion American Rescue Plan injected money into businesses, homes, and municipal governments when it passed Congress in March without Republican backing. The Labor Department announced on Friday that the US added 850,000 new jobs in June, above analyst estimates and indicating that the economic recovery is speeding up. find out more When schools and businesses were closed in March 2020 to try to stop the spread of the coronavirus, more than 22 million employment were lost; the United States is now around 6.7 million jobs below pre-pandemic levels. In an interview with Reuters, White House economic adviser Jared Bernstein stated that the study suggests the United States may recover to pre-pandemic employment levels sooner than previously predicted. According to Bernstein, the Congressional Budget Office’s new economic prediction, “shows that the jobless rate, in their expectation, hits 3.6 percent by the end of next year.” He stated, “That’s close to a 50-year low.” He pointed out that the CBO’s year-end unemployment rate prediction had previously been about 5%. Andrea Shalal and Pete Schroeder contributed reporting; Heather Timmons wrote the story; Andrea Ricci and Jonathan Oatis edited it. The Thomson Reuters Trust Principles are our standards./nRead More

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