In December, the United States added 223,000 jobs, exceeding expectations by more than 21,000, and the unemployment rate fell to 3.5%.
The unemployment rate has dropped to its lowest level in 54 years.
Last year, 4.5 million new jobs were created. President Joe Biden stated that his first two years in office saw the highest levels of job growth in history.
“We are witnessing the transition to steady and stable growth that I have been predicting for months,” Biden said.
“We still have work to do to bring down inflation and help American families feeling the cost-of-living squeeze. However, we are on the right track.”
According to the White House, the unemployment rate for Black and Hispanic Americans has dropped to near-record lows.
Meanwhile, the unemployment rate for disabled people hit a new low, while hourly wages for all workers rose slightly in December after five months of increases in real wages.
Manufacturing employment increased by 8,000 jobs last month, bringing the total number of manufacturing jobs created since Biden’s election to 750,000.
In addition, administration officials say that people in their prime working years have continued to join the workforce faster than in previous recoveries.
“These historic job and unemployment gains are giving workers more power and breathing room for American families,” Biden said. “Real wages are up in recent months, gas prices are down, and we are seeing welcome signs that inflation is coming down as well. It’s a good time to be an American worker.”
The president added that there is more work to do, and warned that there may be setbacks along the way, but said that his economic strategy of growing the economy from the “bottom up and middle out is working.”
“We are just getting started,” he said.
“This month, we are capping the cost of insulin for seniors at $35 per month. We are lowering energy and utility bills for Americans,” Biden said.
“And shovels are hitting the ground all around the country to rebuild our infrastructure, supply chains, and manufacturing here at home,” the president explained. “That is how we will build an America in which we can all be proud, where working families have good jobs and more breathing room, and the economy grows from the bottom up and middle out over time.”