Statement from President Joe Biden on December PCE Report

We learned this morning that inflation was at the pre-pandemic benchmark of 2 percent over the last six months of 2023. That’s an important milestone that means more breathing room for working families.

Our economy grew by more than 3 percent in 2023, while inflation has been at 2 percent in the second half of the year, and unemployment remained below 4 percent for a second year. This means significant progress for American workers—with wages, wealth, and employment all higher than they were four years ago. As more Americans are feeling more confident about the economy, I remain laser focused on doing everything in my power to lower costs for families and fight back against extreme Republican efforts to hand out massive giveaways to the wealthy and large corporations, while raising the costs of prescription drugs and cutting Social Security, Medicare, and Medicaid.

###