New today: Unemployment insurance claims are at the lowest they have been since March 2020 and the 4 week average continues to trend downward. That’s great news.
*Also* new today: A new report from the CBO confirms that the Biden economic plan is working. In February, CBO projected 2021 economic growth of 3.7%. Today, they doubled that number to 7.4%. The IMF also increased its 2021 growth forecast for the U.S. today to 7%. That’s huge.
In the last 4 months, the economy has created over 2 million jobs – offering many Americans the opportunity to get back to work after the pandemic.
This time last year, our GDP growth was negative.
Our GDP growth rate was over 6% since in the first quarter – 2021 is on track for the fastest growth in nearly 40 years.
Yesterday we learned that in all 389 metro areas in the U.S., unemployment rates are lower than they were this time last year – and payroll jobs are up in 275 of those areas. We also saw personal income rise nearly 60% in the quarter one of 2021 thanks largely to the Rescue Plan.
Thanks to the President’s Rescue Plan and a whole-of-government vaccination strategy, Americans have been able to get back to work and back to living their lives.
Since last June, restaurant, bars and other businesses have increased sales by nearly $17B.
The Biden economy is booming because since day one, the President has focused on jump starting our economy, getting Americans back to work, and rebuilding our economy from the bottom up and the middle out. Because of this — consumers are feeling more confident about our economy.
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