One accomplishment Biden is sure to bring up tonight is the level of job gains under his presidency. Since he took office the unemployment rate went from 6.3% to 3.4%, per the latest jobs data.
Despite recession fears and massive tech layoffs, U.S. employers added 517,000 new jobs last month, well exceeding economists’ expectations of around 180,000 new jobs.
The blowout jobs report paved the way for the Federal Reserve to pass more rate hikes aimed at lowering inflation, Fed Chairman Powell said in remarks he delivered earlier today. But the rate hikes could push the economy closer to a recession, which the central bank has avoided so far.
– Elisabeth Buchwald