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The U.S. economy added more than 350,000 new jobs in January, according to Friday’s jobs report. The number was almost double the projected job growth of 185,000, according to The Guardian.
As a result, the unemployment rate remained steady at 3.7% nationwide. Unemployment rates for Black Americans remained historically low, but was still higher than white Americans at 5.3%, compared to 3.4%, respectively.
According to the Bureau of Labor Statistics, roughly 6.1 million Americans remain unemployed, with approximately 1.3 million experiencing more than 6 months of unemployment.
The report details job growth in health care, retail, social assistance and other key sectors. Job losses primarily occurred in mining and the oil and gas industry.
Manufacturing also saw growth. The industry added roughly 23,000 new jobs as more factories come back on line. Additionally, the vast majority of those currently unemployed are actively seeking employment.
Jobs report good news for Biden with months to go until the 2024 election
The report is welcomed news for the Biden administration as it enters into a crucial election year. Polling indicates just over one third of Americans hold a positive view of the President’s handling of the economy.
Biden has centered policies he says will “expand the economy from the middle out“, rather than focusing on trickle down economics.
Since taking office in 2021, unemployment rates under Biden have been cut in half. Over the last year, inflation has also been cut by nearly 50%. Likewise, the average price of a gallon of gas prices has dropped two dollars in just over 18 months.
Despite these positive indicators, many Americans still feel the lingering strain of the tenuous economic conditions from the past several years. As a result, the economy remains Biden’s biggest weakness, even as the United States fares far better than many other nations around the world.
With just nine months before Election Day, the Biden campaign is increasingly feeling the pressure to communicate these successes.