The January jobs report confirms what we already know: Joe Biden is leading this country through a historic recovery and breaking record after record along the way. Despite the rise of the Omicron variant, and despite Republican efforts to prolong the pandemic, employers added an incredible 467,000 jobs in January – beating everyone’s expectations and proving that Biden’s economic agenda works. Thanks to the American Rescue Plan and Bipartisan Infrastructure Bill, economists are confident there remains sufficiently strong momentum in the jobs market.
The 467,000 jobs added in January beat forecasters’ expectations of 155,000. Additionally, the December number was revised from 199,000 to 510,000.
Axios: “Employers added a whopping 467,000 jobs in January even as millions of workers were affected by the Omicron variant of COVID.”
Axios: “It is the strongest job creation since October and handily beat expectations. Forecasters had expected 155,000 jobs to be added.”
The Wall Street Journal: “The Labor Department separately revised payrolls totals upward for late last year, showing more than 700,000 jobs were created in November and December than previously reported.”
The U.S. has now gained back 87% of the 22 million jobs lost during the pandemic recession under former President Donald Trump. This is the first time ever that the U.S. created 7million jobs in 12 months.
The Washington Post: “Last year was a strong year for growth in the labor market, with the country adding an average of more than 500,000 jobs a month — regaining some 6.5 million jobs lost in the pandemic’s earlier days.”
The New York Times: “Economists said that employers’ willingness to keep hiring was a good sign for the economy. If activity could persist during the wave, then when it passes, both consumer spending on in-person services and overall growth should continue to improve ‘at an accelerated pace, at least for the bulk of this year,’ said David Berson, the chief economist at Nationwide Insurance.”
Even with the relative strength of the jobs market, President Biden and congressional Democrats remain focused on beating back COVID-19 and lowering inflation so everyone can share in the benefits of a grown economy.
The New York Times: “New coronavirus cases are falling quickly across the country. Fewer than half as many infections are being identified each day as at the peak of the Omicron surge in mid-January.”
CNN: “Medicare will start paying for home Covid-19 tests purchased at participating pharmacies and retailers, the Centers for Medicare and Medicaid Services told CNN on Wednesday.”
Meanwhile, Republicans continue to oppose legislation that will lower costs for working families and bring manufacturing jobs home.
Bloomberg: “legislation aimed at making the U.S. more competitive with China and boost the domestic semiconductor industry is at risk of unraveling in the House as Republican lawmakers withdraw their support for the bill.”Bloomberg: “The House legislation includes $52 billion to support domestic chip research and production amid a global semiconductor shortage, as well as authority for $45 billion to improve the nation’s supply chains to prevent shortages of critical goods. It also would set up programs to increase science, technology, engineering, and mathematics education and training.”
###
Published: Feb 4, 2022 | Last Modified: Mar 4, 2022