President Joe Biden says his economic plan is working even as job growth appears to be slowing.

The economy added 209,000 jobs in June, its slowest gain since December 2020, but Biden released a statement Friday morning stressing that things continue to improve.

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"This is Bidenomics in action," he said. "Our economy added more than 200,000 jobs last month for a total of 13.2 million jobs since I took office. That’s more jobs added in two and a half years than any president has ever created in a four-year term."

The Bureau of Labor Statistics report reflected a slowdown in the labor market as the Federal Reserve tightens monetary policy in order to combat inflation. Unemployment fell slightly to 3.6%, still a very low figure historically.

"The unemployment rate has now remained below 4% for 17 months in a row, the longest stretch since the 1960s," the president said. "The share of working-age Americans who have jobs is at the highest level in over 20 years. Inflation has come down by more than half. We are seeing stable and steady growth."

While inflation has indeed been reduced by more than half since its peak of 9.1% last June, the inflation rate when Biden took office was just 1.4%, and it remains roughly double the Fed's target rate of 2%. Experts say they expect the Fed to continue raising interest rates in order to cool off the economy.

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The White House has heavily promoted the term "Bidenomics" over the last several weeks, while Republicans mock it and point to statistics like falling real wages under the Biden administration.

"That’s Bidenomics," Biden said Friday, "growing the economy by creating jobs, lowering costs for hardworking families, and making smart investments in America."