With the new unemployment statistics, the longest streak since the 1960s that showed an unemployment rate below four percent ended.
For its part, inflation, which reached 9.1 percent in June 2022, which was a maximum in the last four decades, cooled significantly 24 months later, falling to 3.3 percent in May, reports indicate. in local media.
Despite this, it remains stubbornly higher than the central bank would like, dashing hopes of imminent interest rate cuts, they warn.
The state of the economy is a thorn in President Joe Biden’s side heading into his re-election efforts on November 5.
The Democratic president, who would face his Republican rival, former President Donald Trump, affirms that his administration has achievements to show in economic matters.
However, despite significant improvements in inflation, a remarkably strong labor market, and the absence of a once-predicted recession, citizens’ opinions remain negative.
Four months before the day of the general elections, Biden and Trump are locked in a close race, which for the Democrat has some dark notes after the first presidential debate on June 27 in which his performance caused alarm and commotion within his own party.
There are currently growing calls for Biden to abandon the candidacy, an option that he flatly rejects, until now.
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