Unemployment claims are down more than 70% since President Biden took office
Today, the U.S. Department of Labor reported that new unemployment claims nationwide fell to 268,000 — the lowest level since the pandemic began — in addition to the Georgia Department of Labor’s announcement today that the state unemployment rate for October was the lowest ever recorded in Georgia history. Since President Biden took office, claims have dropped by more than 75 percent across the country. Both this week’s claims – and the four-week moving average – are at the lowest level nationwide in nearly 20 months since the beginning of the pandemic as a result of the President’s economic plan.
Importantly, they’re close to the levels we’d expect in a normal health economy. The week President Biden took office, almost 900,000 Americans filed for unemployment, and in Georgia, almost 260,000 unemployment claims were filed in January. Now, claims are under 270,000 across the country, and Georgia added 21,000 jobs to the market in October alone. In less than a year, the Biden-Harris administration has created more than 5.6 million jobs – more than 620,000 a month on average – and the unemployment rate has fallen to 4.6% two years faster than the CBO projected we would reach that level.
“Week after week, Georgia and America are bouncing back from the tolls of the pandemic thanks to President Biden’s economic plan,” Rhyan Lake, spokeswoman for the Democratic Party of Georgia, said. “Less than a year in office, the Biden-Harris administration is already delivering record economic progress in Georgia, and now, the President’s Bipartisan Infrastructure Law is continuing to deliver immediate relief to Georgia’s economy. Despite unanimous opposition from Georgia Republicans to the American Rescue Plan and the Bipartisan Infrastructure Law, President Biden and Georgia Democrats are building our state back from the bottom-up and the middle-out.”
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