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BREAKING: Biden lowers expectations after another month of lower-than-anticipated job growth

"There are going to be ups and down in jobs and economic reports, but we're going to be [sic] supply chain issues and price pressures on the way back to stability and steady growth," he said.

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Libby Emmons Brooklyn NY
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President Joe Biden spoke on Friday after the release of April's jobs numbers. The Bureau of Labor Statistics released the April numbers, showing that employment rose by 559,000 in May, though this was about 100,000 less jobs than economists had predicted. The estimate was for 671,000 jobs.

"There are going to be ups and down in jobs and economic reports, but there are going to be supply chain issues and price pressures on the way back to stability and steady growth," he said.

Biden said that the unemployment rate fell to 5.8 percent, and that over 2 million jobs have been created since his inauguration. This, he said, was a great decline in the long-term unemployment numbers.

He said this is a "testament" to his approach as president, which is "growing from the bottom up and the middle out." Biden took full credit for the vaccination rate, which he said has much to do with the increased job numbers. He said 52 percent of American adults are vaccinated.

He said that the American Rescue Plan reduced "depression" and "anxiety," due to the $1,400 cash influx for adults. "Most families with children will be getting a tax cut that will be deposited into their accounts every month," he said, and this plan will start in July.

Childcare is another big portion of his plan, and he said that 20,000 more jobs were added in childcare in May.

"America is finally on the move," he said, and tempered expectations, saying there would be supply chain issues and price crunches. "We're gonna hit some bumps along the way... You can't reboot the world's largest economy like flipping on a light switch."

Biden spoke in April about the disastrous March jobs numbers, at which time his administration had predicted 1 million new jobs, and the numbers fell well short of their intentions.

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