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Joint Economic Committee Democrats Chairman - Rep. Don Beyer (D-VA)

The U.S. Economy Experienced a Record Rebound During President Biden’s First Year in Office

Key Points:
The U.S. economy experienced record improvement during President Joe Biden’s first year in office
The economy grew at the fastest rate in nearly 40 years
Businesses added 6.7 million jobs
Unemployment saw the largest calendar year decrease in U.S. history
Retail sales increased in 2021
A record number of people started their own businesses
375,000 manufacturing jobs were created

The U.S. economy improved more during President Joe Biden’s first year in office than in the first 12 months of any other president in the past 50 years. Job growth, economic growth, retail sales and business creation are all up, while unemployment and unemployment insurance claims are down significantly.

President Biden’s first year in office included:

  • The economy growing at the fastest rate in nearly 40 years
  • Businesses adding 6.7 million jobs, the most in a single year under any U.S. president
  • Unemployment declining to 3.8% in February 2022, after the largest calendar year decrease in U.S. history
  • New unemployment insurance claims falling to their lowest level in more than 50 years
  • The manufacturing sector adding 375,000 jobs

While there have been challenges, President Biden’s bold leadership has continued to meet them, and across all of these metrics, conditions not only improved but exceeded expectations as the United States continues its robust recovery from the pandemic recession.

Read the full brief HERE.