By Mona Austin
The September 2024 jobs report showed strong growth, with 254,000 new jobs added, significantly exceeding expectations with a drop in the unemployment rate from 4.3 to 4.1 percent. Hourly earnings have risen to 4.0% since last year with the .4 percent rise last on month.
In a statement Pres. Joe Biden said, "Make no mistake: We have more to do to lower costs and expand opportunity. Congress should pass our plan to build millions of new homes, expand prescription drug price caps, empower workers and protect the right to organize, and cut taxes for hardworking families."
The pricing "barbed wire" piercing consumers' wallets is not likely to drop with slight changes in inflation experts say.
Kirabo Jackson of the White House Council of Economic Advisors told The Slice News the numbers are "healthy" because Americans can do more with their paychecks than a year ago and "wage growth relieves the pain."
UPDATED at 4:16 PM
The presidwnt blamed some of the nations economic woes on Congressional Republicans saying a part of the problem is, "They give giant tax cuts to billionaires and big corporations and undermine workers. making it harder to organize, and imposing a national sales tax that would raise costs by nearly $4,000 per year. While they put billionaires first, we’ll keep fighting to grow the middle class."
Unemployment decreased to 4.1%, and wages grew at an annual rate of 4%. This positive report comes amidst concerns about a possible economic slowdown, but it aligns with the Federal Reserve's hope for a "soft landing" as inflation continues to decline. The job gains were broad, despite recent manufacturing losses, signaling economic resilience.
President Biden celebrated the report, highlighting that under his administration, over 16 million jobs have been created and wages are growing faster than prices. He attributed these successes to his economic policies, which focus on building from "the middle out and the bottom up." Biden also emphasized the importance of collective bargaining and reiterated that more work needs to be done to lower costs and expand opportunities for American families. He contrasted his approach with that of Congressional Republicans, criticizing their plans to cut taxes for the wealthy and corporations, which he argued would hurt the middle class.(POLITICO)