cavuto. glad to have you on a busy weekend. let s go first right now to lucas tomlinson traveling with the president in delaware where the president s spending the weekend. what s the latest there? reporter: good morning from a breezy wilmington, delaware, neil. many pundits believe this is not a good week for the biden administration, mainly because of to peck if +announced cuts to oil production which is sending gas prices higher. first, let s look at the job numbers are released yesterday. about 23,000 jobs were added, but while unemployment rate dropped to 3.5%, neil, economists say that s due to a decrease in labor force participation. the news sending markets down, the dow dropping 2.3%, losing 600 points. president biden spoke yesterday in heavierstown, maryland haverstown, maryland. our economy created 263,000 jobs last month. that s 10 million jobs since i ve come into office.
words, we are traveling down a bumpy road here, ej. absolutely. we are in this paradox place in terms of the market good news and bad news. the stronger the economy is, think they it is a signal the fed is going to continue with this harden fast race hike. it is going to create a big slow down in terms of the economy. the president could not be happier, listen to him today. our economy created 263,000 jobs last month. that s 10 million jobs since i have come to office. that s the fastest jobs growth of any president. historic progress. unemployment rate remains a historic low, 3.5% unemployment. we knocked down a few of the president s numbers there. he likes to run the numbers. a few things he left out and we ll put it out on the screen. he left out this, the dow jones average is down nearly 20% year to date,
428,000 jobs last month. it brings jobs back to near prepandemic levels. president biden taking time to tote the strong jobs report while visiting a manufacturing factory in ohio earlier today. today s job report shows our plans and priorities produced the strongest job creation in the modern times of the american economy. today s report shows we created 428,000 jobs last month. and that means we have now created a total of 8.3 million jobs in my first 15 months in office. let s discuss david axelrod is here. he s a cnn senior political commentator and former obama senior advisor. david, good to see you. thanks for joining president biden taking credit for these strong job numbers but high inflation is dragging him down. we re in an election year right now. he wants to sell the wins but also having to acknowledge the real difficulties americans are
griff: lucas, thank you. jacqui: president biden is touting a relatively strong jobs report. 457,000 jobs last month. not everyone is feeling the effects as inflation is continuing to run rampant. the white house and the biden administration officials were actually expecting a poor report here so this has come as a pleasant surprise even at the white house. the thought is that the survey would reflect mid january s omicron spike when workers were out sick. that s not the case. 467,000 jobs added, 259,000 were in the leisure, hospitality, bar and restaurant sectors, no americans are out and about once again. here is the president. america s job machine is going stronger than ever. a strong recovery and opportunity for hard working women and men across this great country. america is back to work. while wages climbed 5.7% in
a good game. this guy is in charge of inflation! that s his gag! we ve been trusting him with that job so for him to take it and acknowledge it, okay. here s the thing. watching these last two days have been riveting. in part because of what you said in the introduction. they are still pushing more fiscal spending. tomorrow, we are going to hear that the country created 500,000 jobs last month. we ve 11 million jobs open. wages are the highest level they ve been in their moving. household is going phenomenal. we don t need more money. inflation should not of been a surprise for either one of them, particularly janet yellen because the blinded administration, these checks they keep spending out. it is fueling inflation. the war on oil is fueling inflation. a lot of the straps right at their doorsteps and the american public knows. sandra: but they don t acknowledge it that extent.