Biden spins cool October jobs report

President Joe Biden insisted his economic policies, packaged as"Bidenomics," are working despite a cooler-than-expected October jobs report.

"The economy has created 14 million jobs since I took office and 150,000 jobs in October," Biden wrote Friday in a statement."The unemployment rate has been below 4% for 21 months in a row, the longest stretch in more than 50 years, at a time when the share of working-age Americans with jobs is higher than before the pandemic.

Biden then criticized congressional Republicans for their"reckless threats to weaken our economy or prioritizing more tax cuts for the wealthy and large corporations over essential programs for hardworking families, seniors, and our national security." The Bureau of Labor Statistics report released Friday found the economy created 150,000 jobs last month, a lower number than expected, indicating a possible labor market slowdown. The economy added 297,000 jobs in September and 165,000 in August, both revised down.The unemployment rate also inched up by a tenth of a percentage point to 3.9% after the United Auto Workers strike against the"Big Three" automakers of General Motors, the Ford Motor Company, and Stellantis.

Biden has underscored job creation as consumer prices remain high, annualized at 3.7% in September. The Federal Reserve decided against raising interest rates this week as it tries to counter inflation, targeting a range of 5.25% to 5.5%.

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