President Joe Biden on Friday called the latest U.S. jobs report “great news” for the economy but continued to push for his infrastructure package, saying it’s time to build on the progress the country has made.
“America is finally on the move again,” Biden said after the government reported that the U.S. added a modest 559,000 new jobs in May, short of economists’ expectations of a 671,000-job gain. The unemployment rate, meanwhile, slipped in May to a pandemic low of 5.8% from 6.1%.
Speaking in Delaware before a planned return to Washington, Biden pitched his American Jobs Plan, an infrastructure package he has been negotiating with congressional Republicans. The president is later Friday slated to hold his latest meeting with Sen. Shelley Moore Capito of West Virginia, who has been the GOP’s lead negotiator.
Republicans, meanwhile, panned Friday’s jobs report, calling out its falling short of expectations and claiming Biden and Democrats are presiding over an economic crisis.
U.S. stock benchmarks
gained Friday, after the jobs report’s less-than-expected gain led investors to bet that the Federal Reserve will maintain its easy-money policies for longer.