The U.S. economy has been on a steady path of recovery since President Joe Biden took office in January 2021. The Bureau of Labor Statistics (BLS) report released on Friday revealed that the economy added 517,000 jobs in January, far exceeding economists' expectations. This, coupled with a dip in the unemployment rate to 3.4%, the lowest in 54 years, paints a positive picture of the U.S. economy.
Average hourly earnings increased by 0.3%, in line with the estimate, and 4.4% from a year ago, 0.1 percentage point higher than expectations. Last month, wages increased by 0.3%, which is in accordance with predictions, and the growth rate over the past year has been 4.4%.
The results of a CBS News-YouGov survey, published on Sunday, showed that 33% of Americans think the economic situation is ‘good', while 61% consider it to be ‘bad'. Compared to the prior week, when only 28% regarded the economy to be good, the new figure is an improvement; however, it is still lower than what has been seen in the past.
President Biden celebrated the report as evidence the economy is continuing to hum along, and the number is likely to blunt attacks from Republicans over the administration’s spending policies.  The same was true of Fed Chair Jerome Powell
Biden's success in creating jobs since he took office has been remarkable, as evidenced by the fact that more jobs have been created in two years than any other president has created in four years. Put simply, the Biden economic plan is working. Despite setbacks, the plan is successful due to the hard work of American workers. With wages on the rise, inflation under control, and more Americans able to access healthcare, the president is poised to continue driving the economy forward and working to ensure that it works for all Americans.
0. “US adds 517,000 jobs in January – more than DOUBLING economists' expectations” Daily Mail, 3 Feb. 2023, https://www.dailymail.co.uk/news/article-11710187/US-adds-517-000-jobs-January-DOUBLING-economists-expectations.html
1. “WATCH LIVE: Biden to tout economic record at water infrastructure event” Colorado Springs Gazette, 3 Feb. 2023, https://gazette.com/news/us-world/watch-live-biden-to-tout-economic-record-at-water-infrastructure-event/article_3aac0a49-ad77-540e-a6c3-695b27fe4b46.html
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