ICYMI: President Biden’s Economy is Booming
January 3, 2022
As we officially flipped the calendar page to a new year, President Biden’s booming economy is still in full swing. Thanks to the tireless work of President Biden and the administration over the last 11 months, jobless claims plunged to a near 50-year low, the stock market closed out the year with a record setting performance, and the U.S. economy is one of the fastest growing in the world.
Americans are getting back to work, as jobless claims are averaging their lowest levels since 1969.
CBS News: “Some 198,000 people filed for jobless claims last week, a near-50-year low”
CNBC: “When adjusting for weekly volatility, the four-week moving average for claims came to 199,250, the lowest level since Oct. 25, 1969.”
CNN: “America’s latest report on unemployment benefits is proof that the US jobs recovery is still in full-swing.”
Under President Biden’s leadership, the U.S. economy roared back to life and added 6 million jobs last year, reaching almost full employment.
Wall Street Journal’s Ken Thomas: “U.S. employers added an average of 555,000 a month, or 6.1 million jobs through the first 11 months of 2021, according to the Labor Department. This year’s job increase is already the largest on record back to 1940”
Associated Press: “The unemployment rate has fallen to 4.2%, close to what economists consider full employment.”
The stock market surged through the final days of 2021, capping off a historic year that far surpassed its performance under Donald Trump.
New York Times’ Peter Baker: “In the first year of Trump’s presidency, the S&P 500 hit new records 62 times and finished up 17%. In the first year of Biden’s presidency, the S&P 500 hit new records 70 times and finished up 29%.”
MarketWatch: “Thus far, since taking the oath of office on Jan. 20, 2021, Democratic President Joe Biden can boast the best annual performance for the S&P 500 index SPX, 0.52% since the first term of President Barack Obama, who sought to extricate America from the Great Recession of 2008-09 along with then-Vice President Biden.”
Wall Street Journal: “The Dow Jones Industrial Average and Nasdaq Composite have gained 19% and 21%, respectively, this year, helping send the major indexes to their best three-year performance since 1999.”
The U.S. economy grew by an estimated 7% in the final quarter of 2021, and economists expect this growth to continue well into 2022.
Wall Street Journal: “U.S. economic output is set to expand by more than 7% annualized in the final three months of the year, up from about 2% in the previous quarter, according to early output estimates published by the Federal Reserve Bank of Atlanta.”
Wall Street Journal: “The force of the American expansion is also inducing overseas companies to invest in the U.S., betting that the growth is still accelerating and will outpace other major economies.”
Reuters: “Growth forecasts for the fourth quarter are as high as a 7.2% annualized rate. The economy grew at a 2.3% pace in the third quarter. It is expected to grow 5.6% this year, which would be the fastest since 1984, according to a Reuters survey of economists.”