(CNN)President Joe Biden on Friday touted the progress the US has made in its recovery from the coronavirus pandemic and argued now is the time to “seize on the economic momentum” and pass his large-scale infrastructure proposal.
“While our progress is undeniable, it is not assured,” Biden said after the government reported Friday morning that 559,000 jobs were added in May.
The President said: “We’re on the right track. Our plan is working. And we’re not going to let up now.”
He argued now is the time to “build on the foundation we laid” in the nation’s recovery and pass his twin economic proposals, the American Jobs Plan and the American Rescue Plan. The proposals would invest heavily in infrastructure, education, paid leave and childcare, among other areas.
“No other major economy in the world is growing as fast as ours. No other major economy is gaining jobs as quickly as ours. And none of this success is an accident. It isn’t luck,” Biden said, speaking from Rehoboth Beach, Delaware.
Biden said: “America is finally on the move again. As we continue this recovery, we’re going to hit some bumps along the way. Of course, that’ll happen. We can’t reboot the world’s largest economy like flipping on a light switch. There’s going to be ups and downs in jobs and economic reports.”
The May jobs report showed the US labor market picking up some steam and was an improvement from the disappointing April jobs report. The unemployment rate also fell to 5.8% in May, the Bureau of Labor Statistics reported Friday.
Though it was an improvement from April, which showed a revised 278,000 jobs added, the number of jobs added last month was still less than the 650,000 jobs economists had predicted. The US is also still down 7.6 million jobs compared to February 2020, before lockdowns were put in place across the country to stop the spread of Covid-19.
But labor force participation rate was at 61.6% in May, which shows the unemployment rate went down because people found jobs and not because they dropped out of the workforce.
Biden on Friday touted his administration’s response to the coronavirus pandemic and the sweeping $1.9 trillion Covid-19 relief law that he signed into law earlier this year, which delivered economic relief directly to Americans and businesses across the country.
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