President Biden’s administration has overseen the addition of more than 14.8 million new jobs. The manufacturing sector has particularly thrived, with the addition of 800,000 jobs since 2021.
The surge in manufacturing jobs underscores the administration’s policy focus on bolstering domestic production and post-COVID prioritization on the U.S. industrial base. Manufacturing job growth is the largest in nearly 50 years. The 800,000 new manufacturing jobs altered the consistent trajectory since the 1990s of a constricting manufacturing jobs market, particularly following recessions. Manufacturing also played a key role in the revitalized economy, adding $12 trillion to GDP and $1.2 trillion in exports.
Outside of manufacturing, the U.S. economy has sustained job creation in 2024 with 353,000 new jobs created in January and 275,000 in February. Unemployment has dropped below 4%, the lowest it’s been in over 50 years. Wages growth is also robust, with average hourly earnings climbing 0.6% from December 2023 to January 2024. On an annual basis, wage growth clocked in at 4.5%, as inflation dropped each month over the past year.
By investing in infrastructure, supporting small businesses, and promoting innovation, the U.S. economy rebounded more rapidly than others around the world after COVID, which has sustained job creation and economic expansion far above pre-COVID levels.
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