Thanks to President Biden, The Economy Is Bouncing Back

With continuing jobless claims hitting another pandemic-era low and the child tax cut delivering for working families, the economy is bouncing back thanks to President Biden and Democrats. After the economy took a nosedive under President Trump’s failed pandemic leadership, President Biden had his work cut out for him – but month after month he continues to deliver. 

CNBC: Continuing jobless claims hit new pandemic-era low, falling below 3 million

  • “Initial claims for unemployment insurance edged lower last week, meeting Wall Street expectations, while longer-term unemployment signs showed improvement, the Labor Department reported Thursday.”

Mastercard SpendingPulse: Child Tax Credit Helps Lift U.S. Retail Sales Growth to 10.9%* in July

  • “With more cash in hand—fueled in part by the Child Tax Credit and pent-up savings—consumers drove U.S. retail spending growth excluding automotive and gasoline to +10.9% compared to July 2020. This is nearly quadruple the average growth in the month of July**.”

Politico: U.S. jobless claims down 14,000 to 385,000 as economy rebounds

  • “The number of Americans applying for unemployment benefits fell last week by 14,000 to 385,000, more evidence that the economy and the job market are rebounding briskly from the coronavirus recession.”
  • “Since cratering in the spring of 2020, the U.S. economy has bounded back as the rollout of vaccines encourages businesses to reopen or return to normal operating hours and consumers to return to shops, restaurants and bars. The United States has been adding more than 540,000 jobs a month this year, and the Labor Department’s July jobs report out Friday is expected to show it tacked on nearly 863,000 more last month, according to a survey of economists by the data firm FactSet.”