In September 2024, employers in the US added a whopping 254,000 new jobs, bringing down the unemployment rate to 4.1%. This showcases the labor market’s strength ahead of the 2024 Presidential elections. In the past several months, there has been steady job growth, which is plenty to keep the American labor market out of recession territory. Moreover, the GDP growth remains as expected while the consumers continue to spend money.
In September, the Bureau of Labor Statistics reported a notable increase in hiring within the service sector. Job growth across various industries further supports the Federal Reserve’s plan to reduce interest rates while gradually maintaining control over inflation. “The economy is amazingly strong going into November,” said Jason Furman, former chair of the Council of Economic Advisers under President Barack Obama. “This job growth is way above what anyone expected. The fears about unemployment have diminished, and inflation keeps coming down.”
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This is a big deal for the Biden administration, which has spent months defending its record for the country’s economy as Americans seem unhappy due to years of rising taxes and price gains. One of the senior fellows of the left-leaning think tank Groundwork Collaborative, Kitty Richards, said, “The pundits who said we couldn’t have low unemployment, growing wages, and stable prices at the same time have been proven wrong.”
Voters still favor former President Donald Trump over Vice President Harris regarding the economy. Still, his advantage has significantly narrowed recently, and this news is poised to narrow it down even further. Based on an analysis of five polls conducted before and after Biden exited the race, Trump now holds an average 6-point lead on economic matters, a notable decrease from the 12-point edge he had over President Joe Biden earlier this year.
