The U.S. Labor Department reported the economy added 531,000 jobs in October and the unemployment rate came in at 4.6%, it was 4.8% in September. The Department also reported that September jobs created was 312,000 jobs instead of the 194,000 jobs originally reported. So job creation continues to grow and unemployment continues to decline on President Biden's watch. And once again, the pundits were wrong on predicting October's numbers. The unemployment rate when President Obama left office in January of 2017 was 4.7%. When Trump left office in January 2021 the unemployment rate was 6.3%.
The October job numbers were the ninth straight month of positive job growth for the Biden administration. The Trump administration was still losing jobs in December 2020 when the economy lost 140,000 jobs according to the Labor Deportment. Also for the first three quarters of 2021 the GDP has grown at a 5% annual rate. Under Trump the highest annual GDP was in 2018 when it came in at 2.9%. Trump predicted a steady annual GDP growth between 4 and 5% and never came close. In fact the average annual GDP in Trump's 4 years was 0.7%.
In a separate report the Department reported that wages and salaries jumped in the third quarter ending September 30 by the most on record in the last 20 years. Pay increased 1.5% in the third quarter and actually stayed ahead of inflation that came in at 1.2% for the quarter.
The pundits, the noise machines and the GOP who want to see Biden and the country fail continue to be wrong about the economy and the fact that the country is on its way to a full recovery from 4 years of GOP failures. And it was all predicted here in Politidose commentary when Biden took office and even before because of precedent. And when the democratic congress passes the President's infrastructure and BBB legislation, the economy, job creation and the benefits to America and its people will be long term. And when it takes place, you will have read it here first in Politidose, your daily dose of political commentary.
This commentary written by Joe Lorio
