When President Biden took office 10 months ago, he inherited a flatlining economy. But thanks to his innovative leadership, our economy is continuing to get back on track as unemployment is down, supply chain issues ease, manufacturing activity increases, and business leaders feel confident about the economy heading into the holiday season.
Unemployment claims are back to pre-pandemic levels and last week’s claims were revised down to their lowest level since 1969.
CNBC: “Initial claims for unemployment insurance rose last week but held at levels consistent with how the job market looked before the Covid-19 pandemic devastated the U.S. employment picture, the Labor Department reported Thursday. That was higher than the 194,000 from the previous week, but that total, the lowest since 1969, was revised even further down from the initial 199,000 reported.”
Thanks to President Biden’s leadership, supply chain bottlenecks are improving and manufacturing activity continues to increase.
Axios: “Manufacturing signals supply chain breather”
MarketWatch: “Supply chain woes could be easing, ISM factory data suggest”
Morgan Stanley: “We expect inventory levels .. to normalize by mid-2022 by which time supply chain congestion should see relief .. Spot rates are likely to roll over.”
JP Morgan: “The supply shocks buffeting global industry appear to have abated .. improving supply conditions, with price pressures easing and delivery times shortening. .. Bottleneck pressures in [Asia] have faded and output is firming .. global industry looks to be perking up.”
CEOs and business leaders are expressing optimism about the economy and reporting that supply chain trends are moving in the right direction.
CNBC: “Strong consumer demand sparked a wave of CEO optimism about the economy over the next six months, the Business Roundtable said Wednesday, as it revealed the results of its most recent survey.”
CNBC: “On top of that, CEOs reported their plans for hiring increased 13 points, plans for capital investment increased 7 points and expectations for sales increased 9 points. The group cited the release of enormous pent-up consumer demand as a driver of the optimism in corporate boardrooms.”
CNN’s Matt Egan: “We are hearing some optimism from business leaders … The Business Roundtable said that listen, business leaders, CEOs think supply chains are starting to open up. They said that some of the trends are moving in the right direction.”
President Biden’s economic agenda — which economists agree would combat long-term inflationary pressures and lower costs for families — remains broadly popular with the American people.
Navigator Research: “Biden and Democrats’ economic plans remain popular, with strong majorities supporting both stimulus checks from earlier this year and the Build Back Better plan.”
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