GDP and U.S. Manufacturing Remain Strong, Wages Grow Faster than Prices

Earlier today, the U.S. Labor Department’s Bureau of Labor Statistics (BLS) reported that the U.S. economy added over 250,000 new jobs in September – exceeding expectations. To date, 16 million jobs have been created under the Biden-Harris Administration. In addition, the U.S. economy remains strong with an increase in real GDP and a rise in wages and consumer spending. Unemployment is down to 4.1% for the lowest average unemployment in 50 years.

Today we also celebrate Manufacturing Day and the Biden-Harris Administration’s commitment to revitalizing American manufacturing. Thanks to investments provided by the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act, over 700,000 new manufacturing jobs have been created and over $910 billion in private manufacturing investments have been announced nationwide in the industries of the future.

In addition to today’s jobs numbers, real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024 according to the "third" estimate released last month by the Commerce Department’s Bureau of Economic Analysis (BEA). These estimates reflect an increase in consumer spending and personal income. Americans continue to make more with personal income increasing $315.7 billion in the second quarter, an upward revision of $82.1 billion from the previous estimate. 

Wages also continue to rise. According to the latest estimates from BLS, real average hourly earnings for all workers increased 0.2 percent from July to August and increased 1.3 percent from August 2023 to August 2024.

For more information, see today’s statement by President Biden on the September Jobs Report and his Proclamation on National Manufacturing Day, 2024.

By the Numbers is a blog series that showcases how economic data from the Commerce Department and other Federal agencies impact the American economy.