“The U.S. economy added 390,000 jobs in May, better than expected despite fears of an economic slowdown and with a roaring pace of inflation,” CNBC reported this Friday following revelations to that effect from the Bureau of Labor Statistics at the federal Department of Labor. The numbers further exemplify the relative economic success over which Biden’s administration has recently presided.
The national unemployment rate for May was reported as just 3.6 percent. As CNBC explains it, a Dow Jones survey of economists found expectations for just 328,000 jobs to get added to nonfarm payrolls in the month of May, meaning the actually reported numbers have come in tens of thousands of jobs ahead of those expectations. “Despite the slight cooldown, the tight labor market is clearly sticking around and is shrugging off fears of a downturn… We continue to see signs of a healthy and competitive job market, with no signs of stepping on the brakes yet,” Daniel Zhao, who serves as Glassdoor’s senior economist, said.
Ahead of this Friday’s report on the jobs market, a Reuters survey of economists found expectations that nonfarm payrolls likely grew by 325,000 jobs last month — meaning there was more than one survey of economists with expectations that ended up significantly below what was actually reported. “Initial claims for state unemployment benefits fell 11,000 to a seasonally adjusted 200,000 for the week ended May 28,” Reuters also reported — another signifier of the economic strength building across the nation with the Biden team in charge. Individual states with particularly significant decreases included Pennsylvania, Kentucky, Georgia, and Florida.
“Since I took office, the number of Americans relying on unemployment benefits is now down 95%, and our economy has added 8.3 million jobs,” President Joe Biden recently remarked — so it’s not just new unemployment claims that are down; the number of people receiving benefits is substantially down as well. “[As] we make the transition from an historic jobs recovery to steady, stable economic growth, companies are investing in manufacturing in America — strengthening supply chains, lowering costs for working families, and securing our energy independence,” Biden added. “During my first year in office, the U.S. economy created more manufacturing jobs on average per month than any other President in the last 50 years.” Biden’s administration continues to tout the bipartisan infrastructure spending package that the president signed into law last year as a source of significant support for the domestic jobs market.
According to tabulations shared by the White House, the time since Biden’s signing of that spending package has seen the announcement of “over $110 billion to rebuild roads and bridges, modernize ports and airports, replace lead pipes to deliver clean water, and expand high-speed internet. This includes funding for over 4,300 specific projects, touching over 3,200 communities across all 50 states, D.C., and Puerto Rico.” And it’s still increasing. Meanwhile, a plan from National Republican Senatorial Committee (NRSC) leader Sen. Rick Scott (R-Fla.) pushes the prospect of raising income taxes on over half the country. The contrast between the two major political parties is clear.