Job Growth Outpaces High Point for Obama-Biden Recovery ,Unemployment Rates Drops to 7.9%

the staff of the Ridgewood blog

Ridgewood NJ, jobs , jobs, jobs in the last jobs report before the November election released Friday, September’s very positive jobs numbers actually confirm that we may be experiencing the most dynamic economic recovery in American history.

In September the US Economy added 661,000 jobs despite some of the best efforts by Governor Murphy and Governor Cuomo and tyrannical lock downs.

Following the four best months for job growth since the government began tracking the data in 1939 :4.8 million jobs in June, 2.7 million in May, 1.7 million in July, 1.4 million in August , the economy added an additional 661,000 jobs in September.

On it own without the previous 4 moths September’s jobs numbers were the best since September of 1983 during the Reagan presidency. While this was a slowdown from four record-setting highs, keep in mind that the numbers slowed to a 37-year high. Compare the monthly high mark for job growth during the Obama-Biden recovery was 540,000 jobs in May of 2010.

The U.S. economy has regained 11.4 million jobs or 55 percent of the 20.8 million jobs lost in April to the coronavirus .

Just as encouraging, of the 25.4 million people who lost their jobs when the economy shut down, 14.2 million or 56 percent have rejoined the ranks of the employed driving the unemployment rate down from April’s 14.7 percent to 7.9 percent in September. In April the Congressional Budget Office was forecasting a third-quarter unemployment rate of 16 percent.