Jobless Claims Down, GDP Growth Up: President Biden’s Economic Agenda is Working
FOR IMMEDIATE RELEASE: November 24, 2021
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JOBLESS CLAIMS DOWN, GDP GROWTH UP: PRESIDENT BIDEN’S ECONOMIC AGENDA IS WORKING
WASHINGTON, D.C. — On the heels of two new pieces of data on unemployment claims and GDP growth that underline the strength of the economic recovery under the Biden-Harris Administration, Building Back Together Executive Director Danielle Melfi released the following statement:
“President Biden’s economic agenda is working. The number of people filing weekly jobless claims dropped to 199,000 — a ‘stunning’ decline to the lowest level in more than 50 years. The U.S. economy also grew at a faster pace in the third quarter than was initially estimated, with new data showing that President Biden’s agenda propelled the U.S. economy to the fastest economic growth over the first three quarters in nearly four decades. This historic economic recovery has helped millions of Americans get back on their feet, but the Biden-Harris Administration is not done yet. That’s why the Senate must act swiftly to pass the President’s Build Back Better Act to put even more Americans to work, cut taxes for everyday families, and lower the costs of things families depend on from health care to child care to utility bills.”
President Biden is delivering a historic jobs recovery as Americans get back to work:
- New weekly jobless claims have fallen to pre-pandemic levels — and the lowest level since 1969, or in 52 years.
- Claims have dropped nearly 80 percent since President Biden took office, and we have now seen 8 consecutive weeks of decline in new unemployment claims.
- The unemployment rate has fallen faster under President Biden than in any other year in the past five decades to 4.6% — two years faster than projected by the CBO.
- More than 5.6 million jobs have been created since the President took office.
The American economy continues to grow at a rate outpacing other advanced economies:
- The U.S. economy has grown at the fastest pace over the first three quarters of the year than any other year in nearly 40 years.
- In fact, the U.S. economy is growing nearly twice as fast as the best year under the previous Administration.
- The American economy is the only major advanced economy that has now exceeded pre-pandemic levels of GDP.
See more on the historic economic recovery under the Biden-Harris Administration:
- CNBC: Weekly jobless claims post stunning decline to 199,000, the lowest level since 1969
- CNN: Jobless claims hit lowest level since 1969
- Washington Post: Weekly jobless claims plunge to 199,000, the lowest level in more than 50 years
- Wall Street Journal: U.S. Jobless Claims Reach 52-Year Low
- Bloomberg: U.S. Economic Growth Revised Up to 2.1% in Third Quarter
- MarketWatch: U.S. economy grew at a revised 2.1% annual rate in third quarter