WATCH: Biden vows hundreds of thousands more jobs to rebuild U.S. pride | 2023 State of the Union

In his second State of the Union speech, President Joe Biden touted his economic successes, noting low unemployment and dropping gas prices and inflation.

“When the middle class does well, the poor have a ladder up and the wealthy still do very well. We all do well,” Biden said, noting he had run for president to make sure the economy works for all Americans.

“We’re not finished yet by any stretch of the imagination, but (the) unemployment rate is at 3.4 percent - a 50-year low,” he added, to loud applause from Democrats. He also lauded the bipartisan CHIPS and Science Act, which he described as revitalizing American manufacturing and promised would “create hundreds of thousands of new jobs across the country.”

Unemployment continues to remain low, but some economists say it’s too early to determine whether inflation has truly slowed down. And gas prices are about what they were one year ago, down from record highs over the summer.

Biden’s Feb. 7 address comes a nearly year after Russia invaded Ukraine and amid new diplomatic tensions between the U.S. and China over a suspected surveillance balloon. This is Biden’s second State of the Union address, as his first was a joint address to Congress in April 2021.

Last year, Biden used his address to emphasize themes of bipartisanship and unity. But he now faces a split Congress, with the GOP-led House launching efforts to investigate his family and his administration.

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