When it comes to reassuring Americans about an economy that’s an election-year challenge for his party, President Joe Biden is telling the country to hold on.
It’s a message of patience as voters are buffeted by persistent inflation, fears of a recession and the prospect of rising energy prices in the closing weeks of the campaign season when they will determine the fate of vulnerable Democrats and control of Congress.
The $25 trillion-plus economy is veering in two radically different directions.
Growth has fallen for two straight quarters, raising the specter of recession. But job gains have rolled on, including 263,000 more in September as a sign of economic health. Nonetheless, the latest jobs report sent stocks plummeting Friday on renewed worries that the Federal Reserve will have to continue aggressive interest rate increases to temper rising consumer prices.
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