In a speech on Friday, President Joe Biden put a positive spin on what was a disappointing jobs report released earlier in the day by summarizing it as showing “jobs up, wages up, unemployment down.”
The United States added just 194,000 jobs in September, far below economists’ projection of 500,000. The unemployment rate fell to 4.8 percent last month from 5.2 percent the previous month.
Nonetheless, Biden touted the report as a good thing:
Today’s report comes one day after the Labor Department found in the third quarter of this year the number of layoffs and job reductions was the lowest in this country since 1997. Overall, the unemployment report shows almost 200,000 jobs were created last month. Over 300,000 in the private sector and 26,000 in manufacturing, offset by