Amplify: Biden-Harris Economy Shows Continued Strength

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Oct 11

“It’s the Economy Stupid” — Time to Thank the Biden/Harris Administration

The White House and Kamala Harris have presided over an economy with an improving labor market, low unemployment, and higher wages. Experts have called it a strong recovery that is highly sustainable.

Highlights:

The labor market bounced back, adding 254,000 jobs in September alone, a sign that economic growth remains solid.
The unemployment rate fell to 4.1% in September. The employment rate is now the best since the early 2000’s.
The financial markets responded positively to this news with both the S&P and Nasdaq rising. Treasury yields have also increased.
Widespread job gains were seen in many sectors including education and health, leisure & hospitality, government, construction, business services, and retail.
Unemployment among Blacks fell to 5.7%. This could be a key indicator of improvement in the labor sector as Black workers are disproportionately the first workers laid off in a recession.
Average hourly earnings for workers were better than expected, growing at 0.4 percent on a monthly basis, and 4 percent over the past 12 months.
The July and August labor numbers were revised upwards, adding 72,000 jobs.
Retail sales are up which has led to increased hiring and wages.
Women are currently participating in the labor market at the highest rate on record.
Mortgage rates are at a two-year low and two additional one-quarter point rate cuts are expected before year end.
At the urging of the White House, the recent port strike was resolved quickly - resulting in a 62% increase in dockworkers’ wages over the course of a new six-year contract. The Biden Administration worked behind the scenes with both sides to resolve the strike, stressing the need to reopen the ports in light of the devastation caused by Hurricane Helene.