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President Biden’s claims on the US economy fact-checked

by capitalizefinancial
May 12, 2021
in Economy
0
President Biden’s claims on the US economy fact-checked

Since January, the US economy has added 1,572,000 jobs, according to the US Bureau of Labor Statistics.

And it’s true that this is the most jobs created in the first 100 days of any presidency since records began in 1939.

But this job growth comes from a low base point given that in April last year, unemployment hit its highest level since the Great Depression of the 1930s.

More than 22 million jobs were lost in the space of two months due to the impact of coronavirus.

In a tweet, President Biden heralded his first three month’s of job growth compared with Donald Trump’s.

But in contrast to Mr Trump’s first few months, President Biden has benefited from a sharp rebound in economic activity after the contraction caused by the pandemic.

This is true, although the latest job numbers for April were less than predicted, when just 266,000 jobs were added.

The economy has continued to bounce back from the pandemic under President Biden. More than 530,000 jobs were added in February and 770,000 in March.

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