This morning, we received additional evidence of the strength of America’s historic economic recovery and Americans getting back to work. New unemployment claims are now at a level not seen since March 7, 2020 and last week’s claims were revised down to their lowest level since 1969. In addition, the four-week average of unemployment claims fell to their lowest level since the pandemic began – just 225,500. Initial unemployment claims are now down more than 70 percent since I became President, and total claims filed each week are now down by around 16 million over that same period.
America’s jobs recovery is strong, and our COVID strategy is allowing millions of workers to find and keep jobs. There is still more work to do build our economy back better, including addressing recent increases in prices. In addition to recent steps I have taken to address supply chain bottle necks and reduce the price of gas at the pump, the historic Build Back Better Act will cut costs that American families have struggled with for years. Today’s data underscore the historic progress we are making and the importance of building on that progress in the weeks ahead.