Biden hails jobs report, signs anti-fraud bills

President Joe Biden hailed the July jobs report saying it shows "the fastest job growth in history." U.S. employers added an astonishing 528,000 jobs last month despite flashing warning signs of an economic downturn, easing fears of a recession and handing Biden some good news heading into the midterm elections.

Unemployment dropped another notch, from 3.6% to 3.5%, matching more than 50-year low reached just before the pandemic took hold. Speaking from a White House balcony as he continues to recover from COVID-19, Biden declared his economic plans are working.

The president also signed two bills intended to curb fraud in pandemic relief programs. The legislation, which passed with partisan support, extends the statute of limitations to give prosecutors more time to file criminal charges.