President Biden delivered a speech from his $2.7 million Delaware beach house Friday in which he attempted to put a positive spin on the troubling data in the May jobs report. Overall, May’s report shows slower than expected growth, most of the new jobs are low-paying, and that income is not keeping up with inflation.
“Today we received great news for our economy and our recovery,” Biden said. “This morning we learned that, in May, our economy created 559,000 new jobs.”
The report showed that 110,000 fewer jobs were created than the 670,000 experts had expected.
“The signs of further progress are already here,” he added.
Of the jobs that were gained, a significantly high number were waiters, cooks, and the like (292,000). Manufacturing saw only 23,000 new jobs, professional and business services gained just 35,000 jobs and construction lost 20,000 jobs.
“Our plan is working,” Biden commented. “And we’re not going to let up now.”
While inflation and the administration’s energy policy are making necessary goods much more expensive (+4.2%), the jobs report revealed that average hourly earnings gained a meager fifteen cents (+0.5%).