The White House attributed the weaker-than-expected job growth in January to former President Joe Biden's policies, despite the unemployment rate falling to 4%.
The White House criticized former President Joe Biden for the below-anticipated job growth in January, following a mixed nonfarm payrolls report released by the Labor Department. Despite the unemployment rate declining to 4%, the 143,000 increase in payrolls fell short of the Dow Jones projection of 169,000.
National Economic Council Director Kevin Hassett attributed the underwhelming figures to the state of the economy inherited by President Donald Trump and linked the report to expectations surrounding inflation. The Labor Department's latest monthly nonfarm payrolls report, encompassing the end of the Biden administration and the start of Trump's second term, presented a mixed picture. While payrolls increased by 143,000, this figure was below the Dow Jones forecast of 169,000. However, the unemployment rate experienced a decrease to 4%. Interestingly, although job numbers for the twelve-month period ending in March 2024 were significantly revised downwards, the number of individuals reported as employed surged. The White House promptly characterized the report as disappointing, attributing it to Biden's policies. White House press secretary Karoline Leavitt stated in a Friday press release, 'Today's jobs report reveals the Biden economy was far worse than anyone thought, and underscores the necessity of President Trump's pro-growth policies.' National Economic Council Director Kevin Hassett echoed this sentiment at the White House, asserting, 'The truth is that we're inheriting a very difficult jobs market because of Joe Biden's terrible policies.' Hassett emphasized the report's downward revisions to past job figures, arguing that these revelations will impact the direction of economic indicators, including inflation. 'I think the big news for us is that it was a weak jobs number and the downward revisions, which we've seen a pattern of over the last few years, were really, really stunningly bad,' Hassett stated. 'When you're thinking about what this does to markets and to inflation and so on, be mindful of the fact that we just had the biggest downward revision for the American jobs record that we've had since 2009,' he added
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