|Despite empty Republican talking points, the evidence overwhelmingly shows that President Biden’s economic agenda is working. 622,000 more jobs were created this summer than previously reported, unemployment claims dropped for the seventh straight week to a new pandemic low, and a new report shows that the United States is leading its peers in pandemic economic recovery.
There were actually 622,000 more jobs created this summer than initially reported, making clear there was no summer slowdown.
Washington Post: “In the most recent four months with revisions, June through September, the Bureau of Labor Statistics (BLS) reported it underestimated job growth by a cumulative 626,000 jobs — that’s the largest underestimate of any other comparable period, going back to 1979. If those revisions were themselves a jobs report, they’d be an absolute blockbuster.”
Washington Post: “The revisions have recast the narrative of a summer slowdown. In August, when economists expected a strong follow-up to the 943,000 jobs the economy added in July, the BLS announced the U.S. added only 235,000 jobs. Headlines dubbed it a ‘colossal miss’ as job growth took a ‘giant step back.’ Two months later, revisions based on additional data showed August jobs grew by 483,000, more than double the anemic original reading. It was the biggest positive revision in almost four decades.”
Last week, unemployment numbers hit a new pandemic low, making clear that Americans are returning to work and the country is getting back on track.
Associated Press: “U.S. jobless claims drop seventh straight week to 268,000”
Fox Business: “Unemployment claims drop to fresh pandemic low”
Reuters: “U.S. economy regaining speed as unemployment claims fall; manufacturing surges”
An OECD report released today highlights President Biden’s leadership as the United States is the only G-7 nation to have already exceeded pre-pandemic levels of GDP.
OECD: “GDP in the OECD area rose by 0.5% between Q4 2019 and Q3 2021 according to provisional estimates, driven by the strong performance of the United States.”
OECD: “While United States GDP exceeded its pre-pandemic level by 1.4% in the third quarter of 2021, GDP of the other six countries remained below pre-pandemic levels.”