Figures released this week showed the U.S. unemployment rate reaching its lowest point in 54 years—the fewest jobless Americans as a percentage of population since 1969.
Sustained job growth over the past year pushed down the unemployment rate to 3.4%, according the Bureau of Labor Statistics.
Not only that, the median earnings for all workers were 7.4% higher at the end of 2022 compared to a year earlier, outpacing inflation.
Black workers, young workers, and people on the bottom of the income scale saw the largest pay increases in the last 12 months.
And unemployment is near record lows for Blacks and Hispanics, at 5.4 percent.
“Add that all up, it means we created 12 million jobs since I took office,” said President Biden. “That’s the strongest two years of job growth in history, by a longshot.”
The bureau reported the growth was widespread across industries, with notable gains in restaurants and bars, retail stores, healthcare facilities, professional and business offices, and construction.
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