New Data Underscores President Biden’s Economic Plan Is Working

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CNN: The US economy’s growth was stronger than expected in the third quarter

ABC: Gas prices plunge to lowest level since February

Axios: Inflation cools more than expected in October

WASHINGTON, D.C. — Today’s jobs report underscores the continued strength of the U.S. economy under President Biden’s leadership as his economic policies deliver real results for working families. The labor market remains strong, hourly wages are on the rise, GDP growth beat expectations, unemployment is down, prices – including gas prices – are dropping, and consumer spending is up. All of this data points to the success of the president’s economic plan to build our economy from the bottom up and the middle out. He’s committed to continuing this progress and lowering costs for working families heading into the holiday season. 

“The president’s policies are creating jobs and putting money back in the pockets of working Americans by lowering costs while wages are on the rise – all part of his fight to give families more breathing room in their budgets,” said Building Back Together Executive Director Danielle Melfi. “Under President Biden’s leadership, our economy has gone from on the mend to on the move, consistently defying the odds and the naysayers. As the president says, it’s never a good idea to bet against America. The strength of our economy right now is proof of that.”

Today’s jobs report builds on previous months of strong, steady growth as Americans get back to work across the country.

  • The November jobs report shows 263,000 jobs added to our economy, and wages on the rise. 
  • Since President Biden took office, more than 10.5 million jobs have been created across our economy, including 750,000 manufacturing jobs.
  • This includes 6.6 million jobs in President Biden’s first year alone – record-breaking growth for any president’s first year in office.
  • Unemployment remains low, falling yet again last week in another sign of strength for American workers.

Recent economic data underscores that President Biden’s plan to build the U.S. economy from the bottom up and middle out is working.

  • The most recent GDP report exceeded growth expectations, showing the resilience of our economy.
  • The latest inflation report shows prices continuing to come down.
  • Gas prices have dropped to their lowest levels since February – before Putin’s unprovoked invasion of Ukraine – and the most common price nationwide is $2.99 per gallon.
  • Consumer spending has increased as inflation is easing heading into the holiday shopping season.

Thanks to the CHIPS and Science Act, the Inflation Reduction Act, and other key elements of the president’s agenda, manufacturing jobs are coming back to the U.S. from overseas.

  • During President Biden’s first year in office, the American economy created more manufacturing jobs on average per month than any other president in the last 50 years. 
  • In recent months, we’ve seen historic investments by American companies to create manufacturing jobs here at home, including:
    • IBM is investing $20 billion over the next ten years to build semiconductors and quantum computers in New York – creating an estimated 10,000 jobs.
    • Micron is investing $100 billion to build a massive semiconductor facility in New York, a project expected to create 50,000 jobs.
    • Micron is investing $15 billion to build a new memory-chip manufacturing facility in Idaho.
    • TSMC is building a $12 billion semiconductor facility in Arizona.
    • First Solar, the largest American solar panel manufacturer, recently announced plans to increase their domestic production by around 75%. 
    • AT&T announced the first fiber-optic manufacturing facility in the U.S.
    • Honda and LG announced a $4.4 billion solar manufacturing plant in Ohio.
  • The Inflation Reduction Act President Biden signed will build on this growth and spur further manufacturing investments, creating an estimated 9 million jobs over the next decade, an average of nearly 1 million jobs every single year.