TLDR: President Biden Is Getting Our Economy Back On Track
December 17, 2021
When President Biden took office, he inherited an economy in dire straits as millions of Americans struggled to make it through the holidays, put food on the table, or buy gifts for friends and family. But now, President Biden is leading our nation through one of the fastest economic recoveries in history, as Americans are back to work, supply chain issues are improving, and the U.S. economy is in strong shape heading into 2022.
Unemployment claims have been steadily ticking down since President Biden took office, and the average number of Americans filing across the last four week is now at its lowest level since 1969.
Associated Press: “Jobless claims rose by 18,000 to 206,000, still low by historical standards. The four-week average, which smooths out week-to-week volatility, fell by 16,000 to less than 204,000, the lowest level since mid-November 1969 when the American job market was less than half the size it is now, according to Department of Labor figures released Thursday.”
Small business owners are feeling increasingly optimistic as consumer spending is up, new businesses are opening, and rural businesses are poised to receive a boost from the Bipartisan Infrastructure Law.
Forbes: “An American Express survey said consumer spending at small businesses hit an all-time high of $23.3 billion this year. That was an 18% increase from 2020.”
Forbes: “Fortified optimism among small businesses is also reflected in new business openings, the total number of which is higher through the first three quarters of 2021 than during the same time period in 2019, according to Yelp.”
Axios: “The $65 billion federal boost to expand broadband access in the U.S. will be a boon to the women-run companies on platforms like Etsy and Airbnb, especially as they see an increase in rural businesses.”
Supply chain issues are continuing to ease and nearly 100% of packages delivered by UPS, FedEx, and the US Postal Service are arriving on time.
CNN: “Deliveries of packages by UPS, FedEx and the US Postal Service are all moving at close to 100% on-time performance, according to data from ShipMatrix, a software provider that works with parcel shippers.”
Gene Seroka, Executive Director of the Port of Los Angeles: “The sustained and unmatched demand by the American consumer is pushing our import numbers to new levels … We’re on track for an all-time import record in … 2021.”
Bloomberg: “In a sign that supply-chain constraints may be easing, the IHS Markit index of supplier deliveries at U.S. factories improved to a seven-month high.”
Manufacturing output surged to a near three-year high, and the U.S. economy is in strong shape heading into 2022.
Reuters: “U.S. economy poised for strong end to 2021; labor market tightening”
Reuters: “Production at U.S. factories increased to its highest level in nearly three years in November as output rose across the board, providing a powerful boost to economy as the year ends.”
Homebuilder confidence continues to rise as demand is expected to remain strong heading into the new year.
Dow Jones: “U.S. Home-Builder Sentiment Rose Again in December”
ABC News: “New home construction in the U.S. rebounded 11.8% in November as strong demand continues to boost builder confidence even with the slower winter season approaching.”