report, and another day closer to the November elections. Here is the state of play with the economy and labor market four months out fromreports, like those for inflation, closely given the coming presidential clash and President Joe Biden’s poor economic approval ratings.jobs in June, and the unemployment rate rose a tenth of a percentage point to 4.1%, the Bureau of Labor StatisticsJob growth has been healthy under Biden, with more jobs added every single month of his presidency.
Annual inflation has fallen significantly from its peak of about 9%, according to the consumer price index. It is now running at about 3.3% in May, which is still higher than the Fed’s preferred 2% level. Hamrick noted that the labor market has remained above water this year despite the high interest rates that the Fed has pumped up. He said that current unemployment levels are nearly consistent with levels that would be considered “full employment.”
Peter Loge, director of the George Washington University School of Media and Public Affairs, also noted that the even bigger news for Biden was his recent debate performance where he appeared halting, and at times confused. Some Democrats have been floating the notion that he could be replaced on the ticket, so the latest report has gotten even less political capital this month.