This morning, we received two pieces of economic news which underscore that our recovery is continuing to progress at a historic pace.
Last year, there were 21 million unemployment insurance claims before the Thanksgiving holiday. Today, there were 2.4 million. This is a historic jobs recovery: 5.6 million jobs created since I took office and an unemployment rate of 4.6% — two full years earlier than experts predicted was possible. More Americans are getting back to work and more Americans have money in their pockets, thanks to the American Rescue Plan and the vaccination campaign.
And, the U.S. economy grew at a faster rate in the first three quarters of the year than in any year in nearly 40 years. In fact, according to the OECD, the U.S. is the only major economy that has exceeded its pre-pandemic level of gross domestic product.
We have more work to do before our economy is back to normal, including addressing prices increases that hurt Americans’ pocketbooks and undermine gains in wages and disposable income. That’s why yesterday I announced steps my Administration is taking to bring down the cost of gas for American families and my Administration remains laser focused on implementing the Bipartisan Infrastructure Law, which will ease supply chain bottlenecks across the economy. And it’s why it’s so critical that the Senate pass the Build Back Better Act, which, according to leading economists, will cut costs for American families without adding to price pressures. Build Back Better will cut the cost of prescription drugs, health care, child care and housing for tens of millions of middle class families and seniors – while extending critical middle class tax relief that is helping working families make ends meet.
Today’s data reinforce the historic economic progress we are making and the importance of building on that progress in the weeks ahead.