U.S. President Joe Biden hailed the jobs report released Friday morning, saying it shows “America is back to work.”
Watch Biden’s remarks in the player above.
Speaking from the White House shortly after the report from the Labor Department was released, Biden touted the “incredible news” that the U.S. unemployment rate had fallen to 4.2 percent in November.
“At this point in the year, we’re looking at the sharpest one year decline in unemployment ever. Simply put, America America is back to work and our jobs recovery is going very strong,” Biden said.
Friday’s report showed that the unemployment rate fell sharply to 4.2 percent from 4.6 percent. But it also revealed that America’s employers slowed the pace of their hiring in November, adding a still-solid 210,000 jobs, the fewest in nearly a year.
That is a historically low level though still above the pre-pandemic jobless rate of 3.5 percent.
Biden made no mention of the slower hiring numbers, instead choosing to focus on what he said was the “fastest decline” in the unemployment rate “in a single year on record.”
Overall, the November jobs figures point to an economic recovery that looks resilient though under threat from a spike in inflation, shortages of labor and supplies and the potential impact of the omicron variant of the coronavirus.
Biden said his administration is using every tool at its disposal to correct the pocket book frustrations that are causing Americans anxiety, from supply chain issues to gas prices.
He said since his action to release oil from the Strategic Petroleum Reserve, gas prices have fallen and will continue to do so.
“These savings are beginning to reach Americans and should pick up in the weeks ahead. And it can’t happen fast enough,” Biden said.