"Mark Zandi, chief economist of Moody’s Analytics, whose work has often been cited by the White House, told us Biden deserved “significant credit” for the strong job performance. “I think it is fair to say that job market recovery from the pandemic under President Biden has been astounding, and significantly better than anticipated when he took office.”
Zandi pointed to the
American Rescue Plan, a $1.9 trillion pandemic relief measure signed into law by Biden in March 2021. “Without that massive fiscal support, it would have take much longer for the economy to fully recover,” Zandi said, citing a
February 2022 Moody’s report that estimated it would have taken an additional year to recover the jobs lost because of the pandemic without the ARP.
By June 2022, employment hit and slightly surpassed the pre-pandemic peak. Since then, the job growth under Biden has been an average of 282,000 per month — that’s still 100,000 more than the pre-pandemic average under Trump.