Biden’s Numbers, January 2023 Update

Summary

Here’s how the United States has fared since President Joe Biden took office two years ago:

• The economy added 10.7 million jobs under Biden, putting the total 1.2 million higher than before the pandemic.

• The unemployment rate dropped back to 3.5%; unfilled job openings surged, with over 1.7 for every unemployed jobseeker.

• Inflation roared back to the highest level in over 40 years before slowing markedly in late 2022. Overall, consumer prices are up nearly 14%. Gasoline is up 39.1%.

• Wages rose briskly, by 9.5%. But after adjusting for inflation, “real” weekly earnings went down 4.1%.

• The number of people without health insurance went down by 4.2 million.

• The trade deficit for 2022 is still on pace to set a new record.

• Economic growth has bounced back after two consecutive quarters of negative growth, and corporate profits reached a new high.
  

• Crude oil production has increased over 4%, and crude oil imports are up 7.5%.

• Gun purchases, as measured by background checks for firearm sales, declined for the second consecutive year.

• The number of people receiving federal food assistance has increased slightly.

• The publicly held debt is up 13.7%, even as annual deficits have declined.

• Apprehensions of those trying to illegally cross the southwest border into the U.S. are up 351% for the past 12 months, compared with President Donald Trump’s last year in office.

• Stocks performed poorly. The S&P 500-stock index inched up 3.1%.

Analysis

This is our fifth edition of “Biden’s Numbers,” which we first posted in January 2022 and updated on April 14, July 21 and Oct. 14. It is designed to provide an accurate statistical measure of how the U.S. has fared under Biden. We’ll continue to publish new editions with fresh data on a quarterly basis.

As we said when we posted “Obama’s Numbers” and “Trump’s Numbers,” opinions will differ on how much credit or blame any president deserves for things that happen during his time in office. We make no judgment on that.

Jobs and Unemployment

The number of people with jobs has increased dramatically since Biden took office, far surpassing pre-pandemic levels.

Employment — The U.S. economy added 10,726,000 jobs between Biden’s inauguration and December, the latest month for which data are available from the Bureau of Labor Statistics. The December figure is 1,239,000 higher than the February 2020 peak of employment before COVID-19 forced massive shutdowns and layoffs.

One major category of jobs is still lagging, however. Government employment is still 438,000 jobs short of the pre-pandemic peak — including 248,000 public school teachers and other local education workers. 

Unemployment — The unemployment rate fell from 6.3% at the time Biden took office to 3.5% in December — a decline of 2.8 percentage points. The current rate is exactly where it was in the months just before the pandemic.

That’s uncommonly low. Since 1948, when BLS began keeping records, the jobless rate has been at or below 3.5% for only 59 months, or 6.6% of the time. Three of those months were in 2022 and three others were during the Trump years, just before the pandemic. Before that, the rate hadn’t been that low since the 1960s.

Job Openings — The number of unfilled job openings soared to a record of nearly 11.9 million during Biden’s first 14 months in office, but then declined after the Federal Reserve began a steep series of interest-rate increases aimed at cooling the economy to bring down price inflation.

The number had slipped down to just 10.5 million on the last business