July 28 (UPI) -- President Joe Biden said Thursday the U.S. economy is strong and stable with clear signs of progress despite the latest report from the Commerce Department showing a 0.9% decline in gross domestic product.
"Our economy created more than 1 million jobs in the second quarter, the same period as today's GDP report covers," Biden said during remarks prior to hosting a roundtable meeting with business leaders.
He acknowledged slower growth, but said that is required to transition to a stable economy and bring down inflation without letting go of the gains that have been accomplished.
Biden said those gains include more than 9 million jobs created since he took office and unemployment at 3.6% -- near a record historic low.
Biden said the United States is experiencing the strongest rebound in manufacturing in decades and households and businesses -- the engines of the economy -- continue to move forward.
The president also pointed to strong investments in sectors like clean energy.
Biden applauded the congressional effort to pass the CHIPS semiconductor bill. He urged Congress to also pass the Inflation Reduction Act to lower drug costs for Americans struggling with inflation.
