Biden says unemployment down 2%, economy adds 6M jobs since taking office
'We are looking at sharpest one-year decline in unemployment ever,' US president says
US President Joe Biden said Friday the unemployment rate has fallen more than 2%, while American economy added around 6 million jobs since he took office 10 months ago.
"At this point, we are looking at the sharpest one-year decline in unemployment ever," Biden told in a news conference held at the White House.
"The number of people claiming unemployment has fallen from 18 million when I took office to 2 million this week, another record drop," he said.
Stressing that US job recovery is going very strong, Biden noted American economy averaged nearly 400,000 new jobs a month over the last three months.
The president stressed that the historic drop in unemployment rate also includes improvements in workers who receive higher wages.
Workers in transportation and warehouses have seen their wages going up 10% this year, while workers in hotels and restaurants have seen their wages increase 13%, he said.
Applications for new small businesses are up 30% compared to pre-pandemic level, he added.
The US economy added 210,000 jobs in November, coming much lower than market estimates, but the unemployment rate fell to 4.2%, according to the Department of Labor data earlier.
The number of unemployed individuals in the US has also continued to decline, down 542,000 to 6.9 million last month, the data showed.
Due to COVID-19, more than 22 million people in the world's largest economy lost their jobs in March and April 2020.