Press Release - President Biden's Economic Plan is Working: Unemployment Claims Fall Yet Again

President Biden's economic plan is working. President Biden has focused since day one on jump starting our economy, getting Americans back to work, and rebuilding our economy from the bottom up and the middle out.

Today's unemployment claim numbers are further proof that the President's economic plan is working. UI claims dropped this week to a new pandemic low – the lowest level in 16 months – and the four-week average continued to trend downwards. When President Biden took office, over 800,000 new unemployment claims we're being filed every week on average – and now that number has been more than cut in half. And over the last month, we've seen the number of continuing UI claims drop by a million.

This is just the latest sign that the President's plans are rebuilding the economy:

• Yesterday, we learned that unemployment rates are lower in all 389 metro areas in the U.S. than this time last year – and payroll jobs were up in 275
• Last week, we saw personal income rise almost 60% in the first quarter of 2021 because of the Rescue Plan – after a decline in the fourth quarter of 2020.
• In June, the Federal Reserve updated their projections to show the American economy growing in 2021 at 7% -- the fastest rate since 1984 – and an increase from 5% in their projections for 2021 this time last year.
• The OECD and World Bank similarly have roughly doubled their projections for America's economic growth in 2021 thanks to the policies put in place by this administration.

President Biden's economic plan is working.