The US Supreme Court knocks out radical chic and Joe Biden (photo Lapresse)
The US economy continues to prove itself as the strongest and most active economy in the world. In fact, despite almost two years of pandemic and interest rate growth not seen in decades, 13 million new jobs have been created, a real record. And 209,000 were added in June according to the Bureau of Labor Statistics.
The unemployment rate stood at 3.6% (at these levels unemployment practically does not exist). A fortune for Joe Biden who saw this rising trend coincide with the years of his presidency.
And this despite the fact that for some time there has been talk of a more or less mild recession, which is being postponed from month to month until it is imagined for the end of the year. In this regard Biden. riding the positive wave, said “I’ve heard for months that there will be a recession next month, but I don’t think there will be”.
The strong labor market has countered the rate hikes requested by the Federal Reserve (five points from March 2022 to 5%-5.25% in May). Interest rates on two-year debt are already at their highest since 2007, before the Great Recession.
Nor was it affected by the tsunami
banking in March with collapses of several institutions.
Specifically, the data confirms that jobs in the public sector (+60,000) and healthcare jobs (+41,000) were the main job producers. This was followed by social assistance (+24,000), construction (+23,000) and professional and business services (+21,000).
Job losses were recorded in retail trade (-11,000), sellers of building materials and gardening equipment and supplies (-10,000), and furniture, housewares, electronics and appliance retailers (-5,000).
In June, the median hourly wage for nonfarm private sector wage earners increased 12 cents, or 0.4%, to $33.58. Over the past 12 months, average hourly wages have increased by 4.4%.
And the President, not exactly at the height of popularity, immediately took credit for this trend “This – said the President – is Bidenomics in action: our economy created more than 200,000 jobs last month, for a total of 13.2 million jobs since I took office. More jobs were created in two and a half years than any other president in a four-year term. The unemployment rate has remained below by 4% for 17 consecutive months, the longest since 1960. The percentage of working age Americans in employment is the highest in 20 years. Inflation is down by more than half. We are seeing steady and steady growth. This, I repeat, is Bidenomics: growing the economy by creating jobs, lowering costs for working families, and making smart investments in America.”
And the re-nomination game has just begun.
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