According to The Labor Department, the U.S. economy created 390,000 jobs in May, exceeding the average forecast of 325,000.
“Working-age people have come back into the workforce at a faster rate in this recovery than at any point in the last 40 years,” said President Biden.
Even while the U.S. labor market continues to grow, inflation remains a top concern for U.S. households.
According to the AAA, the national average for a gallon of gasoline was $4.86 as of Monday. This represents an increase of 60% compared to a year ago. Prices for other essential goods and services have also gone up.
“We are living in a once-in-a-lifetime kind of situation here with the pandemic and the war in Ukraine and other challenges,” says Labor Secretary Marty Walsh.
The Biden administration could be impacted, as 80% of Americans say inflation and rising gas prices are crucial factors in determining how they will vote in the midterm elections.