The state of the union and the state of the economy are strong! President Biden’s economic plan is working and the numbers prove it. According to the Labor Department, the economy added 517,000 jobs in January, far exceeding economists’ expectations. Unemployment dipped down to 3.4 percent last month and job growth since Biden took office has been the strongest two-year period in history.
The president wasted no time connecting the positive development with his upcoming State of the Union address next week. He hailed the news as a sign of the success of his economic plan and a contrast to the plans of the newly minted House Republican majority.
The good news doesn’t stop there. Wage growth, while still well above pre-pandemic levels, has now slowed to its lowest annual rate since July 2021. Lower wage growth coupled with stellar job gains and low unemployment is a strong sign for the Federal Reserve as it attempts to quash inflation while avoiding a recession.
The price of gas, food and other goods has come down from its peak last summer, and wage growth has increased without accelerating too rapidly. This is all a strong sign for the Biden administration and could provide additional momentum as he prepares a reelection announcement in the coming weeks.
As Biden prepares to deliver his State of the Union address, he can be proud of the success of his economic plan. The numbers speak for themselves: job growth is the strongest it’s been in two years, unemployment is at its lowest point in 54 years, and wages are growing without accelerating too rapidly. It’s a great time to be an American.