US President Joe Biden described the employment statistics in December as "a historic day for economic recovery".
President Biden said this in a speech at the White House after the Labor Department's December employment report was released on the 7th local time.
According to the employment report, non-farm payroll growth last month was only 199,000 jobs, less than half of analysts' expectations, but President Biden noted that the unemployment rate fell 0.3 percentage points to 3.9 percent, entering the 3 percent range. .
Last month's unemployment rate was much better than Wall Street's estimate of 4.1%, the lowest since March 2020 since the COVID-19 crisis.
In February 2020, right before the COVID-19 crisis, the unemployment rate of 3.5% was the lowest in 50 years.
"America is back to work," said President Biden, after stating that the U.S. added 6.4 million jobs last year, the most in a single year for any president in history.
Calling on Congress to deal with a pending $2 trillion human infrastructure budget, he said it will help combat high inflation and that the Federal Reserve will act to contain inflation.
(Photo = Getty Images Korea)