GDP Remains Strong, Wages and Personal Income Continue to Rise

Earlier today, the U.S. Labor Department’s Bureau of Labor Statistics (BLS) reported that the U.S. economy added over 275,000 jobs in February – far exceeding expectations. To date, nearly 15 million jobs have been created under President Biden and unemployment has remained under 4 percent—the longest stretch in more than 50 years.

“Last night, President Biden talked about the Great American Comeback,” said Commerce Secretary Raimondo. “Today, we learned the economy added another 275,000 jobs in February — bringing the total created under President Biden to nearly 15 million. This is historic and more proof Bidenomics is working.”

In addition to today’s jobs numbers, real gross domestic product (GDP) increased at an annual rate of 3.2 percent in the fourth quarter of 2023 according to the "second" estimate released by the Commerce Department’s Bureau of Economic Analysis (BEA). In the first three years of the Biden Administration, inflation-adjusted GDP growth has averaged 3.4 percent. Also, according to the most recent numbers from BEA, Americans continue to make more with personal income increasing $233.7 billion in January.

Wages also continue to rise. Real average hourly earnings increased 1.4 percent from January 2023 to January 2024 according to BLS.

As part of his economic agenda, President Biden is committed to creating more American jobs and an economy that works for all Americans.

For more information, see today’s statement by President Biden on the February Jobs Report.

By the numbers is a blog series that showcases the Commerce Department’s economic indicators and how they impact the American economy.