Biden's re-election hopes hinge on the job market remaining robust while inflation continues to fall.
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, issued by the White House Council of Economic Advisers, describes "little evidence" that tight labor markets in the post-pandemic period caused higher inflation than would have been the case otherwise. The precise level of full employment is subject to much debate, with different economic models spitting out various estimates."I think we are certainly hovering around full employment," Jared Bernstein, chair of the Council of Economic Advisers, tells Axios. "What we're seeing now is the maintenance of full employment with significant disinflation."
For instance, the latest jobs report shows the employment gap between prime-age Black and white workers at a record low.
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