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Biden Adds Two Million Jobs… But Numbers Are Less Than Expectations

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The White House has announced that the economy has increased by two million jobs since US President Joe Biden took office four months ago.

And the White House account on Twitter confirmed, Monday, that the number of jobs Biden added over that period exceeded what any previous American president added during the same period.

But economists believe that the rate of jobs added in May was less than expected.

According to the jobs report issued by the US Labor Department, for the month of May, the states added 559,000 jobs, compared to economists’ expectations, who estimated that it would reach 671 thousand jobs.

At this rate, the US unemployment rate fell to 5.8% at the end of May. The increase in employment may contribute to an increase in the rate of consumption during the current summer months and thus raise the rate of inflation.

“The jobs report for May was positive, but the jobs are not enough to change the course of current monetary policy… I’d like to see more improvement,” Cleveland Ohio Federal Reserve Bank President Loretta Mester said in comments reported by CNBC. in the labor market.”

But as for the money markets, the numbers do not have a reason for the Fed to change its monetary policy. Investors said the new jobs rate will prevent the Fed from raising interest rates or tightening monetary policy in the coming months.

The report was welcomed by stock markets and financial markets, which rose in trading on Monday. The Federal Reserve continues its quantitative easing policy and purchases about $120 billion in US bonds every month.

The sectors that have been hit the hardest by the Corona pandemic, since the second quarter of last year, occupied the top of the list of new jobs in the United States, especially the travel, entertainment, restaurants and hotels sector, with the return of movement on the American street.

According to the data of the US Labor Department report, the services, entertainment and hotel sectors added the largest number of new jobs in the US market.

The jobs added by the hotel and restaurant sector alone amounted to 292 thousand jobs, the education sector added 149 jobs, the industries sector added 23 thousand jobs, and the buildings and construction sector added about 20 thousand jobs.

With the vaccination rate above 50% against the Covid-19 virus, Americans are back in bars, entertainment complexes and parks, and many entertainment areas are back to working at full capacity.

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