As Joe Biden announces his reelection bid, he can point to some clear economic successes, and some important weaknesses. Here’s a look at 14 economic metrics.
employment rates and efforts he led to help the economy rebound from COVID-19. But his time in the Oval Office has also been consumed by frustration over 40-year-high levels of inflation., PolitiFact examined how 14 key economic markers have changed since Biden took office in January 2021.
The March 2023 rates, the most recent available, show unemployment rates for all categories at or near historical lows. Biden has prioritized creating manufacturing jobs, building the sector into his legislative priorities. Although high inflation began because of supply-chain challenges during the pandemic, economists say Biden’s pandemic relief policies exacerbated matters. By giving Americans too much money to spend when goods and services supplies were too scarce, COVID-19 relief measures, including the American Rescue Plan, drove prices higher.
Then, the economy began shrinking. The economy contracted modestly in 2022’s first two quarters. This led toAs it happened, no recession for this period has been officially declared — the official definition includes more than just two straight quarters of negative growth — and the subsequent two quarters turned positive. The two most recent quarters had GDP growth around 3%, which is in line with recent historical norms.
The ratio of job openings to workers could push reluctant workers into the labor market. When Biden took office, there were more jobless people than job openings. Now, there are about 1.7 job openings per unemployed worker.When Biden took office, the economy was relatively weak because of the pandemic. As a result, demand for gasoline sagged, and prices were relatively low, around $2.40 a gallon. By February 2022, the eve of Russia’s war in Ukraine, the price had risen above $3.50.
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