The U.S. economy defied expectations this year. Many forecasters predicted a recession, some even asserting a “100%” probability of a recession. President Biden never believed that was necessary—and he was right.
Instead of a recession, inflation is down to 2% over the last six months, unemployment has stayed below 4% for 22 months in a row, and wages, wealth, and income are all higher now than they were before the pandemic began. While there is more work to do—from lowering prescription drug and energy costs to cracking down on price gouging by banning hidden junk fees and calling on corporations to pass savings on to consumers—this year has brought remarkable progress.
The Council of Economic Advisers is highlighting ten charts that capture the most important economic developments of the past year. They depict an economy growing from the middle out and bottom up—powered by Bidenomics.
Charts 8 and 9:
Women and Black Americans made historic gains in the labor market.
The year 2023 saw the highest rate of prime-age women participating in the labor force on record since 1948. The previous high of 77.3 percent in April 2000 has been surpassed in each of the last eight months. The record labor force participation of this group has served to boost incomes of American households and keep consumer spending strong.
In 2023, the economy achieved the smallest gap on record between the employment rates for Black versus white American workers, averaging–0.7 percentage point. The strong economy fostered by President Biden’s economic policies reduced some long-running inequities in the labor market and squeezed this gap to its lowest level on record.
Read the full blog here.
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