Biden speech latest – Joe to give April jobs report speech at White House after 266,000 added despite 1MILLION expected
President Joe Biden is set to speak at the White House on Friday morning after the expected release of April’s much-anticipated jobs report.
Biden is set to speak after only 266,000 jobs were added last month – way down on the forecasts that the country added 975,000 jobs in April.
There’s little change in the unemployment rate as it hovers just over 6 per cent.
It comes as optimism was rising about a sustained economic recovery as the country reopens.
Americans are, on average, flush with cash, thanks in part to $1,400 stimulus checks that have gone to most adults and to savings that many affluent households managed to build up during the pandemic.
Fueled by that extra money, Americans are buying more homes and cars, boosting restaurant and retail sales and filling more airline seats.
And most economists expect outsize job growth to continue in the coming months as vaccinations are widely administered and trillions in government aid spreads through the economy.
Even if another uptick in COVID-19 cases were to occur, analysts don’t expect most states and cities to reimpose tough business restrictions.
Oxford Economics, a consulting firm, predicts that a total of 8 million jobs will be added this year, reducing the unemployment rate to a low 4.3percent by the final three months of 2021.
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