Today, we learned that the economy created 428,000 jobs in April – bringing the total number of jobs created since I took office to 8.3 million: record setting job creation in my first 15 months in office. Our plans and policies have produced the strongest job creation economy in modern times. The unemployment rate now stands at 3.6% —the fastest decline in unemployment to start a President’s term ever recorded. There have been only 3 months in the last 50 years where the unemployment rate in America is lower than it is now. This is a direct result of the American Rescue Plan, our COVID vaccination program, and my plan to grow our economy from the bottom up and middle out. When I took office, there were around 20 million people relying on unemployment benefits to feed their families; today, that number is around 1 million – the lowest since 1970. We are building an economy that values the dignity of work.
There’s no question that inflation and high prices are a challenge for families across the country, and fighting inflation is a top priority for me. The continued strength of our job market and the savings that families have built up over the last year means that our economy faces the challenges of COVID-19, Putin’s unprovoked invasion of Ukraine, and global inflation from a position of strength. There’s more work to do. I encourage Congressional Republicans to join us in our efforts to lower prices for families across the country, by making more in America, strengthening our supply chains, and cutting the energy and prescription drug costs.