Steps that the President’s team plans to take as the voters do not perceive the success of Bidenomics

In January 2024, the number of employed persons increased by 353,000, and the unemployment rate remained below 4%, continuing to hold at a historic low over the past 50 years.

Nonfarm payroll wages increased by 0.6% to $34.55, double the monthly rate of core inflation in December 2023. Annualized wage growth reached 4.47%, which is still well above the 3.5% inflation rate set by the Fed’s 2% inflation target.

In January, the number of jobs grew in professional and business services, health care, retail trade, and social assistance. These sectors employ many workers from low-income groups and minorities. Employment growth in these sectors is key to eliminating racial and ethnic inequality in American income.