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Nearly three years after President Joe Biden took office, the latest U.S. jobs report shows the unemployment rate continues to stay low in a positive sign for the nation’s economy.
The U.S. added 199,000 jobs in November, and the unemployment rate dipped to 3.7%, according to the Bureau of Labor Statistics. It represents a drop from 3.9% in October and from 6.3% when Biden first took office in January 2021.
“When you’ve got unemployment under four percent for 22 months in a row that’s a big deal,” White House Senior Advisor Tom Perez told The Black Wall Street Times Friday.
It marks the longest streak of unemployment under four percent in 50 years.
Yet unemployment numbers aren’t the only sign of how the economy is doing. If less people are looking for work, or if people are working at a low-paying job, those experiences could still reflect what Perez calls “bad” low unemployment.
On the other hand, when more people are entering the workforce, looking for jobs and getting jobs, the low unemployment that springs from those conditions is considered positive.
“Thats exactly what happened last month,” said Perez, who previously served as Labor Secretary under President Obama.
Black unemployment rate
The Black American unemployment rate remains nearly double that of the national rate. It dropped to 5.8% in November, a steep descent from 9.2% when Biden first took office.
The report also found job growth in manufacturing, construction and health care, sectors where Black workers are overrepresented.
While the Black unemployment rate isn’t where the White House wants it to be, Senior Advisor Perez says it shows workers have more leverage than they did before.
“But I know prices are still too high for too many Americans,” Biden stated after the release of the November jobs report. “So my top economic priority is to lower costs for hardworking Americans. I’m doing everything in my power to bring down prescription drug costs, health insurance premiums, and utility bills,” Biden said.
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Despite low unemployment rate, economy still a major concern for most Americans
The Biden administration has made record progress on bringing down unemployment after the pandemic resulted in a 40-year high level of inflation. Yet the realities of the national numbers and the realities of people struggling to make ends meet every day haven’t collided.
Recent polls continue to show the economy remains a major concern for Americans. A recent poll from Gallup shows at least a third of Americans believe the economy represents the most important problem facing Americans.
A new poll from CBS News, conducted from Dec. 6-8, shows 39 percent of all Americans and 51 percent of those 65 and older believe the Covid shutdowns in 2020 and 2021 mark the most difficult economic time for Americans.
In addition, 46 percent of Americans polled believe their standard of living is worse than their parents.
The negative perceptions around the economy has the White House scrambling to convey the administration’s positive policy wins, such as the low unemployment rate, ahead of the 2024 presidential election.
“We have to continue to redouble our efforts to communicate our success,” Perez said.
Offering an example of Biden’s impact in rural communities, Perez said access to health care, through virtual tele-health has expanded under Biden’s presidency. Without reliable broadband internet, people in rural communities would be deprived of access to tele-health.
When Biden succeeded in passing the Infrastructure Investment and Jobs Act, it included $42.45 billion in grants for each state to access funding to expand broadband.
“What we have to do is make sure they know how they got that,” Perez said.
Biden or Trump: “The contrast is clear”
Notably, GOP presidential frontrunner and twice-impeached former President Donald Trump has promised to roll back access to the Affordable Care Act, dubbed Obamacare.
“I don’t want to terminate Obamacare, I want to REPLACE IT with MUCH BETTER HEALTHCARE. Obamacare Sucks!!!” Trump said at the end of Nov in a pair of social media posts. He’s failed to describe what that replacement would entail.
More than 40 million Americans currently have health coverage through the Affordable Care Act.
“The contrast is clear,” Senior Advisor Perez told The Black Wall St. Times. “The other side wants to do away with the Affordable Care Act and has no interest in lowering prescription drug costs.”
Ultimately, Perez believes Americans want less talk and more action. With an increasingly low unemployment rate, the White House hopes the good news will pierce through the perception bubble.
“We will continue to do everything to communicate our story and continue the business of governance,” Perez said.