As Americans Celebrate Thanksgiving, the U.S. Economy Is Strong And Getting Stronger
November 24, 2021
| This Thanksgiving, the American people have so much to be thankful for. Not only are more than 80% of adults and 10% of children vaccinated against Covid-19, but thanks to the leadership of President Biden and Democrats, the U.S. is in the midst of a rapid economic recovery that is only getting stronger. Because President Biden stepped up to the plate after the previous administration incompetently mishandled the pandemic response and economic crisis, unemployment claims have hit their lowest point in more than 50 years, Americans have more money in their pockets to spend this holiday season, and issues like supply chain bottlenecks and inflation are beginning to ease. Jobless claims fell to a 52-year low — and decreased by more than 70% from this time last year — as more Americans get back to work. Wall Street Journal: “U.S. Jobless Claims Reach 52-Year Low” CNBC: “Weekly jobless claims post stunning decline to 199,000, the lowest level since 1969” Business Insider: “US jobless claims mark a full recovery to pre-COVID lows, sliding to 199,000” Washington Post: “This marks the eighth straight week of declines and represents a major turning point as claims fell well below levels seen before the pandemic.” Economic growth for the third quarter was revised up and economists expect blockbuster GDP growth through the end of the year. Bloomberg: “U.S. Economic Growth Revised Up to 2.1% in Third Quarter” Associated Press: “The expectation is that the economy in the current October-December quarter could grow at the strongest pace this year, possibly topping 8%.” Business Insider: “Compared to other advanced economies, however, the US is in a league of its own. Preliminary gross-domestic-product readings for the third quarter show the US as the only G7 nation to surpass its pre-pandemic health, the Organisation for Economic Co-operation and Development said in a Thursday report.” Americans’ wages increased by over $300 billion in the second quarter, a massive revision of more than 50% from what was initially reported. CNBC: “The report also saw a massive revision to the increase in wages and salaries, which rose $301.1 billion, an upward revision of more than 50% from the original estimate.” Consumer demand remains strong, business investment rose by more than forecast, and homebuilder confidence surged. Wall Street Journal: “Household spending rose 1.3% in October from a month earlier, while personal income increased 0.5% last month, the Commerce Department said Wednesday. Consumers are benefiting from a strong labor market.” Bloomberg: “Orders placed with U.S. factories for business equipment rose in October by more than forecast, highlighting solid momentum for capital investment at the start of the fourth quarter.” CNBC: “Homebuilder confidence surges past expectations, as buyer demand remains high” Thanks to President Biden’s leadership, inflation and supply chain issues are beginning to ease. CNN: “US price surges eased in the third quarter of the year. … A key measure of inflation grew at an annualized rate of 5.3% in the third quarter, data from the Bureau of Economic Analysis showed Wednesday. That compares with an increase of 6.5% in the second quarter.” Wall Street Journal: “Supply-Chain Problems Show Signs of Easing” |
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