Score another one for President Joe Biden
President Joe Biden is continuing to make significant strides and break new records when it comes to the economy. As the government continues to release new data,
it is becoming clear that Bidenomics is having a particularly profound effect on unemployment. According to the Economic Policy Institute, “While no single number captures all the nuances in the health of the labor market, the unemployment rate is considered one of the most important economic indicators.”
On July 7, the Bureau of Labor Statistics (BLS) released the positive news that the unemployment rate has stayed low in June, at 3.6%. In addition, nonfarm payroll employment increased by 209,000 and continued its upward trend in government, healthcare, social assistance, and construction. Even a quick look at this chart showing the breathtaking decline of unemployment since the COVID-19 pandemic began reveals the remarkable achievement of the Biden administration.
Two weeks later, on July 21, the BLS released a report detailing state unemployment data, which revealed more good news. As many as 22 states had unemployment rate decreases from a year earlier. In addition, the report shows that unemployment rates were lower in 11 states while remaining stable in 39 states and the District of Columbia.
On Wednesday, the BLS released its latest set of data focusing on the unemployment rates in metropolitan areas across the United States. A whopping 79 metro areas were at their lowest rates ever, including 41 that reached new record lows. The progress can be found “in every corner of the country, from Scranton to Spokane, from Manchester to Montgomery,” according to a White House fact sheet.
As the White House points out, these record-breaking unemployment developments “show Bidenomics in action.” Simply put, 13.2 million jobs added, a record number of states with unemployment rates no higher than 3%, and the national unemployment rate below 4% for the longest period in more than half a century means that Biden has led the way through the “strongest economic recovery America has ever seen.” This isn’t malarkey; it’s Bidenomics at work.
Ron Leshnower is a lawyer and the author of several books, including President Trump’s Month