The U.S. Labor Department's Bureau of Labor Statistics has announced that the U.S. economy added over 227,000 new jobs in November, surpassing expectations. This contributes to a record total of 16 million jobs created under the Biden-Harris Administration.
In addition to job growth, the U.S. economy has expanded by 12.6% during this administration's tenure. The Commerce Department’s Bureau of Economic Analysis reported that real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024. This rise is attributed to increased consumer spending and personal income.
Americans have seen a boost in personal income, which rose by $147.4 billion in October, compared to a $74.4 billion increase in September, as per the latest estimates from the U.S. Bureau of Economic Analysis. Consumer spending also grew by 3.5 percent in the third quarter, marking the highest increase since early 2023 due to these rising incomes.
Further details can be found in last month’s blog and President Biden’s statement on the November Jobs Report.
By the Numbers is a blog series highlighting how economic data from various federal agencies affects the American economy.
