Biden skips victory lap after strong July jobs report, warns of economic peril from rising Covid cases

Joe Biden, the US President, speaks in the East Room at the White House in Washington DC on August 6, 2021 about the July Jobs Reports.WASHINGTON - President Joe Biden refused to win Friday's strong July jobs numbers. Instead, he told the nation that rising Covid cases are a serious threat to the economy's recovery.Biden stated that his message was not one of celebration during remarks at the White House. It is a reminder that there are still a lot to do, to both beat the delta variant as well as to advance our economic recovery.At least 80% of all new infections in the United States are currently caused by the highly contagious Delta strain of Covid.Despite fears about the delta variant and companies struggling with tight labor supply, hiring rose last month.According to the Bureau of Labor Statistics, nonfarm payrolls increased by 943,000. The unemployment rate fell to 5.4%. This was the highest payroll growth since August 2020.Nearly 100,000 new jobs were created, exceeding economists' expectations. The unemployment rate was also lower than predicted by experts by three tenths.Biden highlighted the strength and resilience in the economic recovery Friday, but he did something he rarely does: referred to Wall Street analysts as a validation of his argument.He said, "What we are doing is working." "Don't believe me. Wall Street forecasters predict that our economy will grow by trillions of Dollars over the next 10 year and will create 2,000,000 good-paying jobs.