PResident Joe Biden welcomed the news that the number of new jobless claims had hit its lowest point since 1968, noting that claims had dropped 95% since he took office.

The number of new jobless claims fell from 11,000 last week to 200,000, in line with the downward trend in weekly jobless claims in recent months.

UNEMPLOYMENT CLAIMS FALL TO 200,000, NEAR LOWEST LEVEL IN DECADES

“Today we received more data indicating that, despite the global challenges we face, America is on the move,” Biden said in a prepared statement. “Unemployment benefits have reached historic lows. Since I took office, the number of Americans dependent on unemployment benefits has now fallen by 95%, and our economy has created 8.3 million jobs. jobs.”

The level of weekly jobless claims, reported Thursday by the Department of Labor, indicates that layoffs are extremely rare as employers try to retain workers.

Biden described the news as part of a broader transition from recovery to stable economic growth, indicating that manufacturing job growth in particular was on the rise.

“In my first year in office, the US economy added more manufacturing jobs on average per month than any other president in the past 50 years,” he said. “Two new announcements today will add to this historic manufacturing boom. Ford’s $3.7 billion investment to create more than 6,000 well-paying union jobs in Michigan, Ohio and Missouri in the Building new electric vehicles is great news for American workers.”

The president promoted manufacturing jobs throughout his first term, in part to stay in the good books of Midwestern voters.

With high inflation still on many people’s minds and interest rates beginning to climb, the Biden administration has continued to promote positive economic news such as low unemployment. But a volatile stock market and economic contraction in the first quarter sparked recession fears that White House economists have not dismissed.

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“It’s not an accident – it’s the result of my economic plan to grow the economy from the bottom up,” Biden said. “My bipartisan Infrastructure Act has been a major step forward in making America a place where businesses invest and good jobs thrive, including our nationwide electric vehicle charging infrastructure and battery supply chain. .”

His statement ended by urging Congress to pass a pair of bills the White House has dubbed the Bipartisan Innovation Act.