White House insists Biden, Harris have 'one of most successful administrations in history' despite 2024 loss

"Under President Biden and Vice President Harris' leadership, 16 million jobs have been created, and we've gotten women and people of color back in the labor force at record rates," the memo stated. "A record 20 million new business applications have been filed, and inflation is down to near pre-pandemic levels."

The White House added that "our success" in these areas was due to "passing and implementing legislation that rebuilt our nation's infrastructure, made the largest investment in climate action in history, lowered prescription drug costs, and spurred a manufacturing renaissance."

The latest jobs report released earlier this month, however, appears to show a different story.

The Labor Department's inflation report for October found that the consumer price index - a broad measure of how much everyday goods like gasoline, groceries and rent cost - was up 2.6% from a year ago for the U.S. as a whole, in line with expectations as inflation ticked higher amid a broader cooling trend.

Days ahead of the presidential election, Trump campaign national press secretary Karoline Leavitt argued that "this jobs report is a catastrophe and definitively reveals how badly Kamala Harris broke our economy."

On Election Day, the will of the American people was reflected in the vote totals and appeared to show a referendum on the policies of the Biden-Harris administration.

Fox News Digital's Paul Steinhauser and Fox Business' Eric Revell contributed to this report.