In face of 'grim' jobs report, Biden backs more COVID-19 aid


President-elect Joe Biden speaks as Vice President-elect Kamala Harris listens at left, during an event to introduce their nominees and appointees to economic policy posts at The Queen theater, Tuesday, Dec. 1, 2020, in Wilmington, Del. (AP Photo/Andrew Harnik)

WILMINGTON, Del. (AP) — President-elect Joe Biden is predicting the economic crisis brought on by the coronavirus pandemic will only get worse if Congress doesn’t act quickly to pass an aid bill, amid a nationwide spike in the virus that's hampering the nation's recovery.

Biden delivered remarks Friday afternoon reacting to November's national jobs report, which showed a sharp decrease in U.S. hiring even as the nation is about 10 million jobs below pre-pandemic levels. The Democrat called the report “dire” and said it “shows the economy is stalling," but he said quick action from Congress can halt some of the damage.

“If we act now, I mean now, we can begin to regain momentum and start to build back a better future,” he said. “There’s no time to lose.”

Surging cases of the virus have led states and municipalities to roll back their re-opening plans. And more restrictions may be on the way as colder temperatures and holiday travel lead to new records for confirmed cases and deaths.

“This is a grim jobs report,” Biden said in a statement ahead of his speech. “It shows an economy that is stalling. It confirms we remain in the midst of one of the worst economic and jobs crises in modern history.”

While Biden has thrown his support behind a bipartisan economic relief bill of about $900 billion, he has said much more will be needed once he takes office next year.

“Congress and President Trump must get a deal done for the American people,” Biden said. “But any package passed in the lame duck session is not enough. It’s just the start.”

Where should you invest $1,000 right now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

10 Best Cheap Stocks to Buy Now Cover

MarketBeat just released its list of 10 cheap stocks that have been overlooked by the market and may be seriously undervalued. Click the link below to see which companies made the list.

Get This Free Report

Featured Articles and Offers

Search Headlines: