JOBS REPORT: UNDER PRESIDENT BIDEN, 2021 MARKED BEST YEAR FOR JOB CREATION IN HISTORY
FOR IMMEDIATE RELEASE: January 7, 2022
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JOBS REPORT: UNDER PRESIDENT BIDEN, 2021 MARKED BEST YEAR FOR JOB CREATION IN HISTORY
WSJ: “U.S. Jobs Report Shows Record Annual Gain”
WASHINGTON, D.C. – The final monthly jobs report from 2021 underscores the historic jobs recovery under the Biden-Harris Administration, with unemployment falling to 3.9%, the lowest level of the pandemic, as the U.S. economy added 6.4 million jobs in 2021 – “the most on record for a single year.” Before the passage of the American Rescue Plan, the CBO projected it would take until 2026 to hit 3.9% unemployment, and during the last economic recovery it took a decade to reach this marker.
“The continued fall in unemployment and strong job growth shown in today’s jobs report underscores the laser-focus from the Biden-Harris Administration on taking on the pandemic and getting Americans safely back to work,” said Building Back Together Executive Director Danielle Melfi. “This incredible progress must be celebrated – but President Biden knows the work doesn’t stop here, and is continuing to aggressively address other pandemic-induced challenges. That’s why he’s moved decisively to ease supply chain snarls, bring down prices for everyday things like gas and groceries, and continues to push for his Build Back Better Act to further lower the cost of health care, prescription drugs, housing, utility bills, and more.”
President Biden continues to deliver a historic economic recovery that has created millions of jobs and put more money in Americans’ pockets:
- The unemployment rate has fallen faster under President Biden than in any other year in the past five decades — economists projected it would take us until the end of 2026 to reach this level.
- More than 6 million jobs have been created since President Biden took office — the most of any first-year President in history. 2021 saw the largest yearly increase in labor force participation in decades as Americans joined the workforce.
- Revisions reported today showed the economy adding more than 140,000 jobs than previously reported over the past two months – with an average of 537,000 jobs created per month in 2021.
- And, other indicators show that the economic recovery is reaching Americans across the country:
- Americans on average have around $100 more in their pockets each month than they did last year, even after accounting for inflation.
- Business formation is up at a “record pace.”
- The U.S. has seen the fastest GDP growth in nearly 40 years – and faster than every other advanced economy in the world.
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