Joe Biden can point to a strong labor market and continued economic growth on his watch. But historically high levels of inflation and overall consumer confidence remain concerns. Here’s our graphical look at more than a dozen economic metrics under Biden.
President Joe Biden wasted little time in crowing about stronger-than-expected job creation numbers.
But the economy has also been a big source of dissatisfaction: inflation hit a 40-year-high. Although inflation has waned over the past few months, it remains high and continues to pose risks to the broader economy. The economic record is somewhere between the flawless version Biden touts and the grim outlook many Americans seem to have.
With his legislative focus on building infrastructure, Biden has prioritized creating manufacturing jobs. Here, too, he has something to crow about. With two exceptions, manufacturing jobs have risen every month of his presidency, with a net gain of 744,000 in all. Early in Biden’s tenure, GDP was on the right track. GDP dropped rapidly during the pandemic recession when Trump was president, but grew by rates faster than the historical norm under both Trump and Biden. In three of Biden’s first four quarters, GDP growth exceeded 6%.
The good news for Biden is that labor force participation has risen, at least modestly, during his presidency. Still, it remains below its pre-pandemic peak. This metric suggests the pandemic has made Americans more reluctant to work, and prompted some of them to retire or forgo having a job.
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