MEMO: Biden’s record-breaking economy

  • Most jobs added in the first 11 months of a year. We’ve added 5.9 million new jobs from January to November.
  • The fastest drop in unemployment in a single year. The unemployment rate was 6.3 percent in January and is now 4.2 percent.
  • Biggest drop in people receiving unemployment benefits in a single year (there were 18 million people receiving unemployment benefits when President Biden took office, there are now only 2 million).
Source: Authors’ calculations based upon U.S. Bureau of Labor Statistics, All Employees, Total Nonfarm [PAYEMS], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/PAYEMS, December 3, 2021.

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