The Biden administration is thrilled that unemployment insurance claims have fallen by more than 50% – from more than 834,000 to 402,500, a significant indicator that the economy is recovering faster than previously projected.
Brian Deese, President Biden’s economic adviser, said “these data underscore the leading role the U.S. is playing in building towards a global recovery.”
“As President Biden travels overseas to engage with global counterparts, recent economic data reinforce that U.S. fiscal policy and vaccination progress are positioning the economy for growth and job creation,” he said. “Today we learned that, since January, the four-week moving average for state unemployment insurance claims have fallen by more than 50% — from more than 834,000 to 402,500. That’s the lowest level since the pandemic began.”
Deese added: “This news comes as independent analysts project that economic growth in the United States will outpace growth for our peer nations and reach the fastest pace in nearly four decades.
“Earlier this week, the World Bank increased their projection for U.S. economic growth this year by 3.3% to 6.8%. The 3.3% upward revision in the United States compares to a 2.1% revision in other advanced economies.
“Another analysis last week found that the United States is the only major industrialized nation to have its growth projection through 2025 revised upward. These data underscore the leading role the U.S. is playing in building towards a global recovery.”