Biden hopes strong job market means soft landing for economy
For President Joe Biden, the past few days have raised hopes that the U.S. economy can stick a soft landing—possibly avoiding a recession as the 2024 election nears
WASHINGTON (AP) — For President Joe Biden, the past few days have raised hopes that the U.S. economy can stick a soft landing—possibly avoiding a recession as the 2024 election nears.
But to the president and some economists, the April jobs report issued Friday challenged that theory with its 3.4% unemployment rate and 253,000 jobs gained.
The strong jobs report came after a Wednesday Fed meeting that suggested the U.S. central bank might pause on its rate hikes, the primary tool for cutting inflation from its still high 5% to something closer to 2%. Talks are also starting over the need to raise the debt limit — with Biden inviting congressional leaders to the White House for a Tuesday meeting in hopes of ultimately getting a commitment to avoid a default.
