MADISON, Wis. – Thanks to strong leadership from President Biden, Vice President Harris, and Democrats in Congress, the national unemployment rate is now below 4%, the lowest of the pandemic. Under President Biden, the U.S. added over 6.4 million jobs in 2021 — hitting a record for highest job growth in a single year — and our country continues to bounce back from pandemic-era lows in employment as Democrats continue to lead one of the fastest economic recoveries in history.
Here in Wisconsin, the unemployment rate has been consistently below the national average. Under Governor Evers, Wisconsin’s unemployment rate is tied for the lowest in state history at 3% — that’s one of the lowest in the country — and one of the highest labor force participation rates in the nation.
“From his first day in the Oval Office, President Biden got to work on an economic recovery that has dramatically reduced hunger and child poverty, raised worker wages, and created millions of jobs for Wisconsinites,” said Democratic Party of Wisconsin Rapid Response Director Julia Hamelburg. “Today’s unemployment rate — the lowest of the pandemic — once again proves that President Biden, Governor Evers, and Democrats are delivering on their promise to build back better.”
Here’s a look at the economic progress our country has made thanks to President Biden and Democrats’ leadership:
- Since President Biden took office, the unemployment rate fell to a historically low level of 3.9% — which the CBO did not expect the economy to hit until 2026 before the American Rescue Plan was passed. This is the largest calendar-year decrease in unemployment in history.
- The economy has added 6.4 million jobs since President Biden took office — regaining 84% of the jobs that were lost during the pandemic. 2021 saw the largest yearly increase in labor force participation since 1996.
- Under Joe Biden’s leadership, an average of 537,000 jobs were created per month in 2021.
- The United States of America is the only major economy in the world where the economy as a whole is stronger than before the pandemic.
- Applications for new small businesses are up by 30% from before the pandemic and we’ve seen the fastest economic growth in nearly 40 years.
This news comes on the heels of the Wisconsin Bankers Association’s biannual Economic Conditions Survey of Wisconsin bank CEOs, in which 79% of respondents rated Wisconsin’s current economic health as “excellent” or “good.” The facts speak for themselves: President Biden and Governor Evers’ economic plan is working.
