Last Updated on June 7, 2023 by Robert C. Hoopes
The most recent data on June 07, 2023, from the Bureau of Labor Statistics shows that the unemployment rate in the United States has dropped significantly. The current percentage of 3.5 percent is the lowest it has been since before the COVID-19 epidemic. This is great news for the economy and the employment market, but it’s not going to help President Biden in the polls.
There are a number of reasons why the president’s approval rating could not rise in response to the declining unemployment rate. He may not get all the credit for the decline, for one thing. There were indicators of improvement in the economy and the labor market even before Biden assumed office. It’s also possible that the COVID-19 assistance package enacted by Congress earlier this year had a bigger impact on the revival than the president’s measures did.
Additionally, the nation is still in danger because of the ongoing COVID-19 outbreak. There is still a lot of mystery about the future of the virus, and the recent uptick in cases has caused several governments to reintroduce restrictions. Much of the recent improvement in the labor market may be lost if the current crisis were to escalate.
The fact that many Americans are still having trouble making ends meet is another issue that might reduce Biden’s electoral dividend from the lower jobless rate. The employment market may be on the upswing, but it has a ways to go before it reaches its pre-pandemic peak. There are still a lot of individuals who can’t find jobs, and even if they can, their paychecks may not be enough to get by. People tend to vote mainly on their own financial condition rather than on general economic trends, thus this might dampen their excitement for the president.
Furthermore, given the extreme partisanship in the United States, it seems improbable that any one topic, no matter how favorable, would be able to win over a sizable portion of the voting population. Critics of Biden may minimize or even deny the importance of the reduced unemployment rate, while his fans will undoubtedly see it as proof that his policies are effective.
For these reasons, it’s safe to say that the declining unemployment rate in the United States is excellent news for the labor market and the economy as a whole. It is unclear, however, whether or not this development will yield any electoral benefits for Vice President Biden. There are too many unknowns at play for any accurate prediction to be made. Time will tell whether a decrease in the unemployment rate will lead to increased approval ratings for the president.