Biden touts latest unemployment numbers as 'evidence of a durable economic recovery'

President Joe Biden cited Thursday’s unemployment numbers as a signal his administration is shepherding a “durable economic recovery” following the coronavirus pandemic.

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The Department of Labor announced earlier that day that the number of people filing new unemployment claims fell to 310,000, the lowest mark since the beginning of the pandemic. Claims spiked in late March 2020 at 6.9 million. White House officials noted that, in total, new unemployment claims have fallen nearly 500,000 since Biden entered office on Jan. 20.

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WHITE HOUSE STANDS BY ECONOMIC GROWTH PROJECTIONS DESPITE GOLDMAN SACHS DOWNGRADE

“That is encouraging news for so many American families who have found a new opportunity and a little bit of breathing room as we continue to build back from last year’s economic devastation,” Biden said of the Labor Department report. “Most importantly, along with seven consecutive positive job reports that have seen us gain nearly 4.5 million jobs since my Administration began, this decline in unemployment claims is further evidence of a durable economic recovery.”

“Despite the ongoing impact of the delta variant, the evidence is clear: The Biden plan is working, we are seeing real results, and the American economy is on the move again. After anemic job growth of just 60,000 jobs per month in the three months before my first full month in office, we’ve now added 750,000 jobs per month over the last three months — and nearly doubled the previous record for job creation of any prior first-year president seven months in,” Biden continued. “Our economy grew in the first half of the year at the fastest rate in nearly 40 years. The unemployment rate fell to 5.2% in August — the lowest it has been since the beginning of the pandemic. And we are the only developed country in the world whose economy is now bigger than it was before the pandemic struck.”

Biden conceded that the country has “a great deal of work to do to build an economy from the bottom up and the middle out, but the American people can be confident in our strategy — and they are.”

“That is the mark of an economy where regular Americans can see a place for themselves — an economy built on rising wages and the dignity of all people,” he said. “With smart investments in American families and in America itself, we will continue to make consistent progress and build back better.”

Despite steadily decreasing unemployment claims, the economy only added 235,000 new jobs in August, roughly a half-million fewer than economists predicted, and the president at the time blamed the discrepancy on the rise of the delta variant of the coronavirus.

“Today’s report shows that the steps we’ve taken, passing the Rescue Plan and vaccinating 175 million people, make our economy capable of growing and adding jobs even in the face of this continuing delta surge. A strength in our economy very different from the way things were last winter,” he said in televised remarks. “There’s no question the delta variant is why today’s jobs report isn’t stronger. I know people were looking, and I was hoping, for a higher number.”

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Biden will lay out his six-pronged strategy for combating the delta variant Thursday afternoon at the White House.

 

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Tags: News, Joe Biden, White House, Unemployment, Jobs, Department of Labor, Economy, Coronavirus, Delta Variant

Original Author: Christian Datoc

Original Location: Biden touts latest unemployment numbers as ‘evidence of a durable economic recovery’

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