Today we received two economic news which underscores that our recovery continues to progress, but that we also have more work to do before our economy returns to normal.
First, on employment, we learned that we have experienced six consecutive weeks of declining new jobless claims. The number of workers losing their jobs is at its lowest since the start of the pandemic. Unemployment claims have dropped by 70% since taking office. Unemployment has fallen so far this year at the fastest rate since the 1950s. It is a recovery in employment that has occurred years faster than after the Great Recession of 2008. America goes back to work.
And, on inflation, today’s report shows an increase over last month. Inflation is hurting Americans’ wallets, and reversing this trend is a top priority for me. Most of the price increase in this report is due to rising energy costs, and within days of collecting data for this report, the price of natural gas fell. I have asked my National Economic Council to look for ways to try to further reduce these costs and have asked the Federal Trade Commission to respond to any market manipulation or price hikes in this industry. Further price increases reflect the ongoing struggle to get the economy back to normal during the restart: I am heading to Baltimore today to highlight how my infrastructure bill will reduce these costs, reduce these bottlenecks in the economy. ‘bottleneck and will make the products more available and less expensive. And I want to reaffirm my commitment to the independence of the Federal Reserve to monitor inflation and take the necessary steps to combat it.
Going forward, it is important that Congress adopts my Build Back Better plan, which is fully paid off and does not increase debt, and will make more Americans work by lowering the cost of child and senior care, and will directly help lower costs for American families by providing more affordable health and prescription drug coverage, while lowering taxes for 50 million Americans, including most families with children. 17 Nobel laureates in economics said my plan would “ease inflationary pressures.” And my plan does this without raising taxes for those earning less than $ 400,000 or increasing federal debt, by requiring the richest and big business to start paying their fair share of taxes.
We are moving forward in our recovery. Jobs are up, wages are up, home values ââare up, personal debt is down and unemployment is down. We still have work to do, but there is no doubt that the economy continues to recover and is in much better shape today than it was a year ago.