Under President Biden, U.S. Economy Sees Strongest Growth in Nearly Forty Years

FOR IMMEDIATE RELEASE: January 27, 2022
PRESS CONTACT: [email protected]

UNDER PRESIDENT BIDEN, U.S. ECONOMY SEES STRONGEST GROWTH IN NEARLY FORTY YEARS

WASHINGTON, D.C. — Today’s latest report from the U.S. Commerce Department shows that the American economy grew by 6.9 percent last quarter, and by 5.7% across 2021, in the strongest year for economic growth since 1984. This is just the latest data underscoring the economic recovery under the Biden-Harris Administration, which has overseen more than 6.4 million jobs created during the greatest year of job growth in American history.

President Biden and his Administration remain laser-focused on building an American economy for the 21st century. The President is using every tool at his disposal to build on this progress by continuing to fight the pandemic, strengthen our supply chains, rebuild our manufacturing, make America more competitive, and bring down costs for families, including by passing the Build Back Better Act. 

Thanks to President Biden’s work to take on the pandemic, including implementing an unprecedented vaccination campaign, and jumpstart the recovery, the American economy saw the strongest growth in decades in 2021:

• USA Today: “Economy grew 5.7% last year, its best showing since 1984, as activity revived amid pandemic”
• The New York Times: “Consumer spending and private investment were quickly revived as a result of vaccination efforts, cheap credit conditions and additional rounds of federal aid to households and businesses. The labor market has recovered almost 19 million of the 22 million jobs lost near the peak of virus-induced suspensions in activity.”
• Associated Press: “US economy grew 6.9% last quarter and 5.7% for all of 2021 in sharp rebound from pandemic recession of 2020”

Under the Biden-Harris Administration, unemployment continues to drop as the economic recovers and Americans safely get back to work: 

• Wall Street Journal: “Job Market Appears Healthy Despite Omicron Headwinds”
  • “Initial jobless claims, a proxy for layoffs, fell to 260,000 for the week ended Jan. 22, a decrease of 30,000 from the revised level the week before, the Labor Department said Thursday…After declining through most of 2021, the number of new claims reached the lowest point in five decades by December.”
• Market Watch: “U.S. jobless claims drop 30,000 to 260,000 as omicron wave fades”

The President’s economic agenda is creating good jobs for Americans, including by rebuilding manufacturing right here at home, as shown by the recent announcement of thousands of new manufacturing jobs in Michigan and Ohio: 

• Detroit Free Press: “GM to invest historic $7 billion in 4 facilities across Michigan, creating 4,000 jobs”
• Washington Post: “Intel’s $20 billion investment in Ohio chip factories said to be the state’s largest ever”
  • “The two new factories near Columbus will create 3,000 Intel jobs and about 7,000 construction jobs, the company said, adding that those numbers could grow if Intel opts to continue building out the site, which can accommodate eight chip factories in all.”