First modification:
In an attempt to reverse the narrative against him that points to memory problems, exposed in a report from the Department of Justice, the US president highlighted the good health of the economy, which to date reports positive data despite the geopolitical problems. national polarization and global financial challenges. This Tuesday, February 13, the inflation data was released and although it did not reach analysts' forecasts (2.9%), the annual rate for January (3.1%) was three tenths lower than that of December.
After a week in which President Joe Biden's age and memory made headlines in the media Americans, the The president took advantage of a meeting with county leaders to highlight the good performance of the economy during his Administration.
“We're making real progress. The recent Washington Post headline summed it up, quote, this is the Post headline: Falling inflation, rising growth give US best recovery in world.” the best recovery in the world,” Biden said from Washington, also asking for time to advance his economic agenda called 'Bidenomics'.
“Consumer confidence increased 29% in the last two months, the biggest jump in 30 years. Americans have filled out a record 16 new business applications since I took office. And each of those applications is a sign of hope. We're just getting started, friends. I have to keep moving. We have to defend our democracy,” said.
The work county officials do matters.
They know that success isn't how many partisan points you score, it's 'Did we fix the problem?'
Yesterday, I joined the National Association of Counties to thank these officials for everything they do to deliver for their communities. pic.twitter.com/BZb4rhiNEh
—President Biden (@POTUS) February 13, 2024
Data that he was able to provide after a long period in which his management as a political leader in the world, the high inflation reached by the US and his personal mistakes in public have been criticized.
Biden talked about GDP growth, which had a rise of 2.5% last year, a healthy 3.7% unemployment level and inflation that has dropped from the scandalous 9.1% it reached in June 2022.
Biden also referred to the strong labor sector that continues to add jobs and even exceeded expectations in January.
“That is why I have remained committed to leaving no one behind, to rebuilding an economy from the center out and the bottom up. Because when we do that, everyone does well. Look at the progress we've made together. And I mean it when I say 'we,'” said the president in order to avoid political polarization.
Inflation subsides but not at the expected pace
One day after Biden's words, The United States Bureau of Labor Statistics revealed how much prices rose in the first month of the year.
The inflation rate stood at 3.1% annualized in January. A figure lower than that reported in December (3.4% annually) but which disappointed Wall Street, where 2.9% was forecast and a cry of victory was expected to leave behind the trend of around 3%.
With the forecast, the US market achieved a few minutes of green numbers in the pre-market before the opening of the New York Stock Exchange, but after knowing the rate, pessimism among investors led the three main indicators to turn red.
However, analysts from specialized sites such as Goldman Sachs predict that the United States Federal Reserve will be able to evaluate the complete picture regarding the country's economy and that the data for the month of January will not be the only thing that stops them from the long-awaited cut in interest rates expected throughout the country.
With AP
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