Update (1055ET): As expected, President Biden kicked off his remarks with a summary of October's strong jobs numbers, cherry-picking a handful of particularly flattering details showing employment gains among minorities, while also pointing to rising hourly wages.
But his talk soon shifted to the subject of COVID - specifically, the federal government's recently updated mandate that all workers at companies with more than 100 employees must be fully vaccinated (or be responsible for weekly testing), while health-care workers (many of whom have already been infected, leaving them with antibodies that are at least as effective as the vaccines) will be forced to either accept the jab, or lose their job - exacerbating employment shortages.
But Biden also had a message for progressive in his own party who have been holding up his sweeping agenda, giving moderate Dems like Manchin and Sinema more time to cut and gut plans to expand social programs (which will cost far more than the plan's author's claims over the next decade). While he applauds their diligence at holding up the infrastructure bill to try and protect their priorities. The time to vote on both bills has arrived.
"Send the infrastructure bill to my desk, send the spending plan to the Senate," Biden said.
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After Tuesday's electoral drubbing in an off-year election, Democrats need to seize on something, anything, positive that they can use to try and reverse the sag in President Biden's agenda.
Well, after this morning's jobs number, President Biden looks to be doing just that by delivering "remarks" on a number that was stronger than expected.
As we noted earlier, after two months of dismal job reports, the BLS finally redeemed itself when moments ago it reported that in October the US gained some 531K jobs, well above the 450K consensus exp and above the 500K whisper number. The gain in payrolls was also bigger than all but 10 of the 75 forecasts in Bloomberg’s survey.
As Bloomberg calculates, if payroll gains stay at the same pace as October’s, in eight months the total payroll figure would be back at its record high.... that’s also when the Fed would be finished zeroing-out QE, placing a higher likelihood on a hike in July, before the midterms.
That could be very, very problematic for the Dems in an election where they risk facing embarrassing losses in Congress.
Biden's remarks also come as Dem leaders in Congress push for votes on Biden's two-part "Build Back Better plan".