The President stressed the link between economic recovery and the fight against the pandemic.
U.S. President Joe Biden on Thursday made comments on the situation on the U.S. labor market, noting that the country’s economy continues to recover steadily.
“Today, we learned that the number of Americans who filed initial applications for unemployment benefits has dropped below 300,000 for the first time since the beginning of the pandemic,” he said. – This is more than 60 percent less than when I took office. This is also the lowest weekly figure since March 14, 2020. Although it’s only one week, the fact that the four-week average has dropped is another sign of progress. With wages rising and unemployment falling below 5 percent for the first time since the pandemic, it becomes clear that our economy is returning to normal, despite the global problems associated with the Delta option.”
“I have said from the very beginning that we will not be able to fully restore our economy if we do not defeat the pandemic,” the President continued. As vaccination requirements have come into effect, more and more Americans are getting vaccinated. There are now 66 million unvaccinated Americans eligible for vaccination in the country, up from almost 100 million in July. We are making significant progress in the fight against the Delta option, and our economy, in turn, is gaining strength.”
“Against the background of a decrease in the number of COVID-19 cases and the number of applications for unemployment benefits, it is now more obvious than ever that America is in the process of a historic economic recovery, continuing to lead the world. In the first half of this year, our economy grew at the fastest pace in four decades. The last three months have seen the biggest drop in long-term unemployment since we started keeping records in 1948. Since I took office, an average of 600,000 new jobs has been created every month, which has significantly surpassed the previous record of job growth under the new President. But to turn this historic momentum into a sustained economic boom, it is extremely important to take measures now to invest in our country and our people. We must adopt both a bipartisan Infrastructure Law and a Build Back Better Law to strengthen the foundations of our economy, revive our middle class and allow America to compete and win for decades to come,” the head of the White House stressed.