Despite the Producer Price Index showing that inflation is still rising, Biden noted that the report shows that his economic plan is working.
According to the Bureau of Labor Statistics, the producer price index decreased to 6.2% in December from 7.1% in November.
In a statement, Biden noted that the report shows that the country is making progress in reducing costs and tackling inflation. The lower prices for food and energy are helping working families. In addition, the prices of non-energy goods and services also decreased.
Despite the increase in consumer spending, Biden noted that the level of consumption remains below what it was during the recovery. This is a sign that the country is on the way to a steady and stable growth.
In his State of the Union address, the president noted that the country is still on the way to a better future. He noted that the various measures that he has taken over the last two years are helping to create jobs and lower the cost of living for Americans.
Despite the increase in inflation, the Biden administration has noted that the cooling inflation indicators are a sign that the president's policies are working.
The president was able to put off recession fears due to the strength of America's labor market.
The Bureau of Labor Statistics reported that the country added 223,000 jobs in last December. The number of new claims for unemployment also remained constant.
The preceding is a summary of an article that originally appeared on Washington Examiner.