(Bloomberg) – Democratic presidential candidate Joe Biden berated President Donald Trump for the jobs report which showed modest gains, saying only the rich feel the recovery while others still suffer.
“Donald Trump is perhaps the only president in modern history to leave office with fewer jobs than when he took office,” Biden said in a speech in Wilmington, Delaware.
“The report reinforced the worst fears and painful truths,” Biden said, noting that the rich are enjoying a recovery while others are not.
Friday’s employment report beat estimates, with the unemployment rate falling to 8.4%, almost 2 percentage points lower than expected. But the United States still leads the world in coronavirus cases and deaths, as more than 185,000 Americans have died from the virus.
Trump celebrated the report on Twitter Friday morning.
“Wow, much better than expected!” Trump wrote. “Broke the level 10% faster and deeper than expected.”
Trump had planned to run for re-election on a strong economy that has been devastated by the coronavirus pandemic. But the report will likely strengthen Trump’s argument that he is in the best position to lead an economic recovery. The president has often polled better than Biden on economic issues.
Still, the report showed warning signs as the pandemic persists and congressional leaders wrangle over future economic relief plans. The number of permanent job losses has increased by more than half a million, and gains in the leisure and hospitality industries that have boosted job growth in recent months have slowed considerably.
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