“There are more people working than at any point in American history,” Biden said of the new report, adding it signals recovery from pandemic job losses.
President Joe Biden speaks before signing two bills aimed at combating fraud in the COVID-19 small business relief programs at the White House on Aug. 5, in Washington, D.C.WASHINGTON – Still testing positive for COVID-19 and barely a week after metrics suggesting the American economy had entered a recession, Presidentdonned his trademark Ray-Ban sunglasses Friday to take a victory lap over a strong jobs report.
On July 28, a different federal report showed that the country’s gross domestic product had shrunk by 0.9% in the second three months of the year – the second straight quarter of negative growth. That has been the shorthand definition for recessions in the past. But it may not be an accurate indicator following the government’s pandemic response, which involved pumping trillions into the economy to prevent it from collapsing.
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