The numbers are in for May, 2024, and President Joe Biden’s economy continues to hum along. The US added 272,000 non-farm jobs, far exceeding expectations of around 190,000. Forbes magazine puts it this way, “The Biden Administration’s robust and durable track record on jobs and unemployment is breaking records, putting up some of the best results we’ve seen in half a century.” The unemployment rate ticked up to 4%, breaking the streak of 27 straight months under 4%, but, continuing to 30 months the streak of 4% or lower unemployment rates, the longest such stretch in 50 years. Additionally, average hourly earnings went up again, 0.4%, for a total of 4.1% over the last 12 months.

Despite GOP predictions of recession and other economic disasters, all three major indices, the Dow 30, NASDAQ, and the S&P hit all-time highs this week. While it is true that the stock market is not the true measure of the economy, first of all, it’s certainly better for it to be up than down, and, second, much of the boost in the last few days is on the news of the cooling inflation. With unemployment under 4% nationally for the last 27 months, and wages rising faster than inflation for the last year, the economy is strong across the board.

The April jobs report is out, and it is what the Fed was hoping for. Job growth continues under President Joe Biden, but has slowed a bit more than expected. The economy added 175,000 jobs in April, keeping that number well over 15 million jobs added under the Biden Administration. The unemployment rate rose to 3.9%, making it 27 straight months of unemployment under 4%, the longest stretch of sub-4% unemployment in over 50 years. With unemployment low and wages rising faster than inflation, the benefits of the Biden economy are being felt across America. This was precisely the news the Fed is looking for to help keep inflation down as it looks for opportunities to cut rates.

As of today, April 24, 2024, 13 states have unemployment rates under 3%, and 37 states have unemployment rates under 4%. See the state by state rates here. In fact, 34 of the 50 states have hit their lowest unemployment rates during the administration of President Joe Biden.

In President Biden’s first year, the economy added 6.6 million jobs , the greatest first year employment increase in the history of the U.S., beating previous records by over two million jobs.

PERSPECTIVE: In 45’s first year, the economy only added two million jobs.

While the nation has been focused on the inflation rise, the facts are that, while inflation accelerated starting in June, 2020, prior to President Joe Biden assuming the office of presidency, wages began to jump in early 2021, By July, 2022, inflation began to plummet. By May, 2023, and continuing to today, wages have outpaced inflation. Here’s a chart covering both trends.

The Bureau of Labor Statistics reported a stronger than expected addition of 275,000 jobs in February. While the unemployment rate ticked up to 3.9%, experts argue that this means more people are entering the job market. And, in staying under 4% for the 25th straight month, the economy hits its longest stretch under 4% in over 50 years. This was also the 38th consecutive month of job growth, the 5th longest on record.

Under the Biden Administration, the economy has added 14 million jobs in 3 years. In case someone tells you that’s just about getting out of the pandemic, the economy is at plus 4.9 million jobs over pre-pandemic levels. For perspective, under Trump, the economy lost 2.9 million jobs.

When President Joe Biden became president, the unemployment rate was 6.4%.  By the end of his first year in office, the rate had fallen to 3.9%. 

After going back up to 4.0 in January, 2022, the unemployment rate has been below 4% every month since. 

That’s two straight years.  That is a historically-long stretch of great unemployment numbers. 

For you numbers people, check this out. 

Also, in January, 2023, the unemployment rate dropped to its lowest level since the 1960s!

There are going to be a bunch of jobs posts. Here’s the first.

• When President Joe Biden took over the presidency from 45, the unemployment rate was 6.4%.
• By the end of 2021, the rate fell to 3.9%, was 4% in January, 2022, and has been below 4% for the last 24 months.
• This is a historically low sustained unemployment rate.

And it’s still going. The January, 2024 jobs report was very encouraging, as employment is surging.