Friday Economic Report Shows Joe Biden’s Economy Surging

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The federal jobs report for June has been released, and it reveals yet another positive sign about the direction of the economy with the Biden administration in charge. “Total nonfarm payroll employment rose by 850,000 in June,” the Labor Department reported, which is higher than an estimate that was available ahead of the revelations. The Associated Press shared on Thursday (the day before the new report’s release) that, according to information from the data firm FactSet, authorities were “expected to report that employers added 675,000 jobs in June.” That’s a difference of nearly 200,000 additional jobs above expectations.

The June number “was the strongest gain in 10 months and a fresh sign that the labor market’s recovery is gaining momentum,” The New York Times reported. The Biden administration is seeking to ensure the creation of additional, accessible jobs through the enactment of its infrastructure spending plans. Democratic leaders are pursuing two frameworks, including a bipartisan agreement with Republicans providing for money supporting projects like road and bridge work alongside a more ambitious, likely Democrats-only package including money for so-called human infrastructure, like childcare and home healthcare. Certain spending bills are exempt from the Senate’s filibuster rules, which ordinarily demand the agreement of at least 60 Senators in the 100-member chamber before moving forward on most legislation, so Democrats can (in theory) pass that additional spending with or without Republican support.

Besides the gains in hiring across June, new unemployment claims also fell in recent days to their lowest one-week total since the beginning of the pandemic. On Thursday, the Labor Department revealed the news that unemployment claims had hit 364,000 across the preceding week. For comparison, unemployment claims across a single week were well above 900,000 as recently as January of this year. In the time since, the Biden administration has implemented an ambitious economic recovery program and pushed for increased vaccination levels, helping stem the pandemic.

Before Biden’s victory, Trump and Republican leaders glibly spoke of the supposed economic devastation that would come with a Biden presidency. They’ve been proven wrong, again and again. The Dow Jones Industrial Average currently sits higher than it did at any point of Trump’s presidency.