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The Key Takeaways
- A Friday upward revision in job creation makes it more probable that Joe Biden, who is leaving office in January after a tenure in which he added jobs to the economy every month, will have left his position having led an economy with a positive trend.
- Since 1930, the first year the federal government began tracking the job losses, each president has lost at least a month’s worth of jobs.
- The job creation streak would be a highlight of Biden's complicated economic legacy: the economy boomed, but voters hated the inflation that went along with it.
Job market recovery in November increased the likelihood that Joe Biden will leave his office having overseen an economy which added jobs each and every month during his tenure, something that no president has ever done.
Biden’s entire term as president will be marked by positive growth in employment if the economy continues to add jobs through December and into January. This record almost was broken by hurricanes and strikes in October, which pushed the job growth into barely positive territory. The Bureau of Labor Statistics revised their October job count upwards on Friday. It now stands at 36,000, up from the previous 12,000 jobs. This means that it is less likely to be negative in future revisions.
Since 1939, when the government started keeping track of the data, every president has had at least 1 month where the economy had lost jobs.
The Biden-era economy was a bright spot for jobs
If the job-creation streak continues, the complex economic legacy of the Biden Administration will be highlighted.
Biden was elected in January of 2021, as the COVID-19 pandemic had just ended and the economy began to recover. Employers were hiring as business reopened. By mid-2022 there were two jobs available for each unemployed person. Next year the rate of unemployment was at its lowest level since 1960.
Inflation was a side effect of this rapid growth. Inflation reached its highest level in four decades at the height of a booming job market.
Inflation during Biden’s presidency was a major factor in voters voting out Democrats in November.
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