ESIDENT JOE BIDEN'S ECOnomic policies might be working to his advantage, particularly in six swing states, data shows-but other figures suggest that immigration risks overshadowing Bidenomics at the ballot box come November.
While the current presidency has been plagued by high inflation, which soared to its highest level in 40 years leading some analysts to anticipate a recession-the economy has proved resilient. Inflation has slowed. In January, employers added 353,000 jobs, crushing economists' forecast of 185,000, according to government data. The unemployment rate has stood at 3.7 percent, its lowest level in decades, and last year the economy grew by 2.5 percent.
The private sector is also hiring, adding more than 100,000 jobs in January, while wages also went up, according to research institute ADP both slower than in previous months but a signal that the economy was achieving a soft landing.
This is where the Federal Reserve's hiking of rates helped cool inflation without doing too much damage to the economy.
"This economy has softly landed and is relaxing at its destination, with two things happening: slowdown in hiring, but still solid, and wage pressures [are] easing, which also helps the case to keeping inflation under control," ADP's chief economist Nela Richardson told reporters last month.
The Biden administration says the economy shows his policies-dubbed Bidenomics are working. And in the battleground states of Arizona, Georgia, Michigan, Nevada, Pennsylvania and Wisconsin, low unemployment, below-average gas prices and economic growth indicate he might be right.
"The U.S. economy grew 3.1 percent over the past year while adding another 2.7 million jobs, and with core inflation moving back down toward the pre-pandemic benchmark," Biden said last month, comparing growth in the fourth quarter of 2023 with the same time the previous year.
Denne historien er fra February 23, 2024-utgaven av Newsweek US.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra February 23, 2024-utgaven av Newsweek US.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Terry Crews
FOR TERRY CREWS, THERE ARE NO RULES.
Carrie Coon
CARRIE COON IS HAVING A MOMENT, EVEN THOUGH YOU MAY NOT RECognize her.
Still Doin' It Well
Ahead of the release of his new album, The FORCE, LL Cool J told Newsweek of his strong desire to keep contributing to the hip-hop culture he helped create
WORLD'S MOST TRUSTWORTHY COMPANIES 2024
TRUST IS AN ESSENTIAL PART OF ANY RELATIONSHIP-FROM PERsonal relationships to ties between businesses and consumers.
HOPE and HEALING on HORSEBACK
IT'S BEEN A DECADE SINCE ISIS COMMITTED GENOCIDE AGAINST IRAQ'S YAZIDI POPULATION. MORE THAN 100,000 YAZIDIS REMAIN DISPLACED BUT WORKERS AND ANIMALS AT AN EQUINE THERAPY CENTER ARE PROVIDING RELIEF
Is College Worth It?
AMERICANS are LOSING FAITH in HIGHER EDUCATION amid RISING TUITION FEES, UNCERTAIN PAYOFF and CULTURE WARS on CAMPUS
An integrated model for water management
Alkhorayef Water and Power Technologies has deep expertise and synergistic capabilities across the full water and wastewater value chain
Investments that are transforming life in Saudi Arabia
Abdullah Al Othaim Investment Company is creating distinctive destinations and experiences that encompass multiple sectors
A Kinder and Gentler Nick Cave
After a period of personal upheaval, the famed Bad Seeds singer returns with the vibrant and optimistic 'Wild God'
Fleeing War and Scams
Newsweek spoke to three Ukrainians who have been targeted by \"sponsors\" trying to profit from applicants seeking refuge in the U.S. via a humanitarian scheme