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If the number of net job creations, just below 200,000 for the month of December, disappoints analysts a bit, President Joe Biden is fully satisfied for his first year at the helm of the US economy.
Despite mixed figures for the month of December, with disappointing job creations, the US president expressed his satisfaction on Friday (January 7) at seeing unemployment returned to its previous level. the pandemic (3,5%).
« Today, the national unemployment rate has fallen below 4% to 3.9%. This is the fastest drop in unemployment in a year in US history, Joe Biden said during a White House address. This is the first time in 50 years that the unemployment rate has fallen below 4% in the first year of a presidential term. 3.9% unemployment rate, years before what experts predicted. »
Job creation far below forecasts
But the world’s largest economy created just 199,000 jobs in the last month of 2021, far from the 440,000 expected by analysts as the labor market grapples with waves of infections. But here too, President Biden congratulated himself. ” 6.4 million jobs have been created since January last year. In one year. This is the largest number of creations in history, all years combined, regardless of the president, he stressed. How it happened ? The US bailout has lifted the economy, got it back on its feet and on the move. By completely vaccinating over 200 million Americans, getting them out of their homes, getting them back to work, despite successive waves of Covid. »
The US president also said he was confident in the ability of the US Central Bank to make the right decisions to fulfill its dual mandate, namely full employment and stable consumer prices. ” I have no doubts that the Federal Reserve will act to achieve its dual goal of full employment and stable prices and ensure that price increases do not take hold over the long term, with the independence it needs. “, he said.
Inflation hit 6.8% in November year-on-year. Unheard of since June 1982. ” But the best way for me (to guarantee full employment and stable prices), as president (…) is to build a more productive economy “, Emphasized Joe Biden, aiming” a growing economy where people have more opportunities, more small business start-ups. He added that there was a 30% increase in requests from new small businesses without specifying for what period.
(with AFP)
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