The unemployment rate was unchanged in October at 4.1 %, but the devastating effects of Hurricanes Helene and Milton and new strikes reduced job growth. Job growth is expected to accelerate again in November as recovery and reconstruction efforts from the hurricanes continue. In addition, I want to congratulate the Machinists union leadership and Boeing for negotiating a new contract that will be voted on by the membership. Boeing Machinists have sacrificed over the years and deserve a strong contract.
The US economy remains strong, with 16 million jobs created since I took office, including an average of 180,000 jobs each month over the past year - more than the year before the pandemic. We have the lowest average unemployment rate of any administration in the last 50 years, our economy is growing more than it has in any presidential term this century, incomes are up $4,000 relative to prices, and inflation has fallen to nearly the 2 % target.
We still have a lot of work to do. We are working every day to reduce the cost of rent, prescription drugs, health insurance and child care for working families. But Republicans in Congress are proposing a national sales tax that would cost families nearly $4,000 a year, hurt American manufacturing and eliminate hundreds of thousands of jobs. They fight for tax breaks for billionaires and big corporations, while we fight to grow the middle class.
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