Unemployment Remains Low, GDP Remains Strong, and Americans Making and Spending More 

Recently, the U.S. Labor Department’s Bureau of Labor Statistics reported that the U.S. economy added over 227,000 new jobs in November – exceeding expectations. A record 16 million jobs have been created under the Biden-Harris Administration. 

In addition to the recent job numbers, the U.S. economy remains strong and has grown by 12.6% under the Biden-Harris Administration. Last month, real gross domestic product (GDP) increased at an annual rate of 2.8 percent in the third quarter of 2024, according to the "second" estimate released by the Commerce Department’s Bureau of Economic Analysis. These estimates reflect an increase in consumer spending and personal income. Americans continue to make more, with personal income increasing $147.4 billion in October, up from an increase of $74.4 billion in September, according to the latest estimates released by the U.S. Bureau of Economic Analysis. Consumer spending increased by 3.5 percent, in the third quarter, the most since early 2023, thanks to rising incomes.

For more information, see last month’s blog and President Biden’s statement on the November Jobs Report. 

By the Numbers is a blog series that showcases how economic data from the Commerce Department and other Federal agencies impact the American economy.