President Biden’s Economic Plan is Working: Unemployment Rate Falls Below 4 Percent

Today, the Labor Department announced that the federal unemployment rate fell to a historically low level of 3.9% — the largest calendar year decrease in unemployment in history — under President Biden’s leadership. Following this announcement, Scott Hogan, Executive Director of the Democratic Party of Georgia, released the following statement: 

“Today’s great news is yet another sign that President Joe Biden and Democrats’ economic plan is working. Under President Biden and Democrats’ leadership, the economy added over 6.4 million jobs in 2021 — the most in a single calendar year. Wages are up, everyone who wants a job can get one, and one of the fastest economic recoveries in history continues to power ahead. 

“Americans are better off now than they were a year ago, but we know there is more work to do. Despite Republicans’ relentless obstruction, Democrats will continue working to pass the rest of President Biden’s economic agenda and lower costs for Georgia families.”

Here’s a look at the economic progress our country has made thanks to President Biden and Democrats’ leadership: 

• Since President Biden took office, the unemployment rate fell to a historically low level of 3.9% — which the CBO did not expect the economy to hit until 2026 before the American Rescue Plan was passed. This is the largest calendar year decrease in unemployment in history. 

• The economy has added 6.4 million jobs since President Biden took office — regaining 84% of the jobs that were lost during the pandemic. 2021 saw the largest yearly increase in labor force participation since 1996.

• Under Joe Biden’s leadership, an average of 537,000 jobs were created per month in 2021.

• The United States of America is the only major economy in the world where the economy as a whole is stronger than before the pandemic.

• Applications for new small businesses are up by 30% from before the pandemic and we’ve seen the fastest economic growth in nearly 40 years.  

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