How has the Unemployment Rate in US Reduced So Much?
In what can be seen as a major victory for the current Biden administration, the unemployment rate in the US has touched a 50-year low. President Joe Biden hailed this good news and said that this was a result of his economic policies.
According to the U.S. Department of Labor’s Bureau of Labor Statistics released earlier this year, the unemployment rate has dropped to 3.4%. This was accompanied by more than half a million jobs created in January 2023 and 800,000 manufacturing jobs in the last two years alone.
From 6.3% to 3.4% Unemployment Rate
When Biden had taken over the Presidency, the unemployment rate was 6.3% and now it is just 3.4%. This is a clear indication that the economic policies by Biden have been working and making a difference.
Official data also states that “the number of unemployed people decreased by 182 thousand to 5.657 million and employment levels rose by 139 thousand to 161.031 million.” This unemployment level is the lowest in 54 years and a cause for celebration for the country.
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These low numbers have given confidence in the wake of the massive lay-offs, economic conditions, and inflation.
U.S. Treasury Secretary Janet Yellen in the ABC’s Good Morning America program, said “You don’t have a recession when you have 500,000 jobs and the lowest unemployment rate in more than 50 years. What I see is a path in which inflation is declining significantly and the economy is remaining strong.”
The unemployment rate under Biden has been much lower than under his predecessors Trump, Barack Obama, Bill Clinton and Ronald Reagan, Gerald Fors, and both Bushes.
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Though there is a worry about the rising inflation rates, President Joe Biden said “We continue to face economic challenges from a position of strength.”
It remains to be seen how inflation is also tackled by the Biden administration.
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