President Joe Biden boasted on Friday that while the United States has “the strongest economy in the world,” the majority of Americans live paycheck-to-paycheck.
president Touted He talked about the economy in a speech on Friday about the August jobs report that showed the US added 187,000 jobs. The unemployment rate rose to 3.8% over the past month as non-farm employment increased. While Mr. Biden celebrated the August jobs report, about 61% of Americans, high- and low-income alike, were living on a paycheck basis, according to July statistics. the study from lending cluba financial services company. (Related: “Retired with less work than when he joined”: Mr. Biden criticizes the Trump economy without mentioning the new coronavirus)
“It wasn’t too long ago that 20 million Americans lost their jobs,” Biden said. “But the American people never gave up. They never gave up. They never gave up. And today we have the strongest economy in the world. The lowest inflation rate of any major country. 13.5 million new jobs You’ve heard me say it before, and I’ll keep saying it, my dad says a job is worth far more than a salary. It’s about your dignity.
Nearly eight in 10 consumers with an annual income of less than $50,000 won’t be able to pay future bills until their next paycheck, according to a LendingClub study. About 4 in 10 Americans earning more than $100,000 face a similar predicament.
Economists expected 170,000 jobs to be added in August after 187,000 jobs were added in July, Reuters report. In the same month, 71,000 jobs were added in the health care sector and 40,000 jobs in the hospitality sector. according to Data from the Bureau of Labor Statistics (BLS).
Inflation remained high in July, rising to 3.2% in 2023, up from 3.0% in June. The inflation rate in July 2022 was high at 9.1%.
