Biden: "US Job Growth Continues... Signs of Some Inflation Easing"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] On the 2nd (local time), U.S. President Joe Biden evaluated the solid job market and mentioned the possibility of inflation slowing down.

In his opening remarks during a virtual discussion related to the 'Save America Investment Plan,' President Biden referred to the August labor market trends, stating, "Jobs are increasing, and people are returning to the workplace."

He emphasized, "There are some signs that inflation may have started to slow down," adding, "Oil prices are also on a continuous decline, marking the fastest pace not seen in over a decade." According to the U.S. Department of Labor, nonfarm payrolls in the U.S. increased by 315,000 in August. Although the increase was smaller than the previous month (526,000), it far exceeded market expectations.

Along with this, President Biden reiterated his commitment to the revival of U.S. manufacturing. He stated, "Since I took office, manufacturing, the backbone of the U.S. economy, has been revived," emphasizing, "668,000 jobs have been created in the manufacturing sector, marking the strongest recovery since the 1950s." He continued, "Micron announced a multi-billion dollar investment plan, and Toyota and Honda have also chosen the U.S. as their investment destination," adding, "This is no coincidence. It is a result of our economic rebuilding plan."

Meanwhile, on the same day, U.S. Treasury Secretary Janet Yellen said, "It is clear that controlling inflation is the top priority," and noted, "About 800,000 workers reentered the labor market in August, which is important as it shows economic growth does not create inflationary pressures." Regarding the economic outlook, she mentioned, "It will be difficult, but we expect to achieve a soft landing."

This content was produced with the assistance of AI translation services.