Not remotely the whole story. There were millions
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Posted On: 07/09/2024 4:27:52 PM
Not remotely the whole story. There were millions of jobs created over and above the 'bounce back' and outside of the manufacturing sector.
Fact-checking Joe Biden on the creation of 800,000 manufacturing jobs
https://www.politifact.com/factchecks/2023/de...ring-jobs/
IF YOUR TIME IS SHORT
Official federal data shows President Joe Biden, in office 45 months, is right on the number of manufacturing jobs created, although presidents do not control the economy single-handedly.
The first three-quarters of those job gains represented a return to pre-recession levels.
Comparing historical patterns 45 months out from a recession’s onset reveals Biden-era manufacturing employment to be the strongest in 72 years, and the second strongest since the end of World War II.
Official statistics from the federal Bureau of Labor Statistics show that manufacturing employment has risen by 789,000 since Biden took office in January 2021. That qualifies as "close to 800,000."
The first three-quarters of those job gains represented a return to pre-recession levels. But historical post-recession patterns show that it’s rare for manufacturing jobs to bounce back at all.
We analyzed the federal government’s official data for manufacturing employment as far back as it goes — to the eve of World War II. We focused on two numbers: how many people were employed in manufacturing at the beginning of a recession and how many people were employed in the field 45 months later — the same amount of time that has passed since Biden took office.
The U.S. economy has had 13 recessions in the past 80-plus years. Forty-five months after nine of those recessions began, manufacturing employment remained below their initial levels. After 45 months passed in the remaining four recessions, manufacturing employment exceeded their initial levels.
Of those four recessions that produced net manufacturing job gains after 45 months, the one underway during Biden’s presidency ranks as the second-largest percentage gain, a 1.6% increase. The only manufacturing jobs recovery through 45 months that beats the current one was a recession that started in 1948, with a 6.9% increase.
In other words, the nation’s current manufacturing jobs rebound is the strongest at this point after a recession in 72 years.
Presidents Dwight Eisenhower, John F. Kennedy, Jimmy Carter, Ronald Reagan, Bill Clinton, George W. Bush, and Barack Obama were all in office 45 months after a recession began, and they did not see manufacturing jobs bounce back even to their initial levels, much less add manufacturing jobs on net. Reagan, Bush, and Obama all saw declines of 9.9% to 15.7%.
Our ruling
Biden said, "We’ve created close to 800,000 manufacturing jobs since I’ve taken office."
Federal data shows that manufacturing employment has increased by 789,000 since Biden took office in January 2021, though presidents do not control the economy single-handedly.
The first three-quarters of those jobs represent a return to previous manufacturing employment levels, but history shows that is rare.
The post-recession gains in manufacturing employment under Biden have been the strongest in 72 years, and the second strongest since World War II.
We rate Biden’s statement Mostly True.
Fact-checking Joe Biden on the creation of 800,000 manufacturing jobs
https://www.politifact.com/factchecks/2023/de...ring-jobs/
IF YOUR TIME IS SHORT
Official federal data shows President Joe Biden, in office 45 months, is right on the number of manufacturing jobs created, although presidents do not control the economy single-handedly.
The first three-quarters of those job gains represented a return to pre-recession levels.
Comparing historical patterns 45 months out from a recession’s onset reveals Biden-era manufacturing employment to be the strongest in 72 years, and the second strongest since the end of World War II.
Official statistics from the federal Bureau of Labor Statistics show that manufacturing employment has risen by 789,000 since Biden took office in January 2021. That qualifies as "close to 800,000."
The first three-quarters of those job gains represented a return to pre-recession levels. But historical post-recession patterns show that it’s rare for manufacturing jobs to bounce back at all.
We analyzed the federal government’s official data for manufacturing employment as far back as it goes — to the eve of World War II. We focused on two numbers: how many people were employed in manufacturing at the beginning of a recession and how many people were employed in the field 45 months later — the same amount of time that has passed since Biden took office.
The U.S. economy has had 13 recessions in the past 80-plus years. Forty-five months after nine of those recessions began, manufacturing employment remained below their initial levels. After 45 months passed in the remaining four recessions, manufacturing employment exceeded their initial levels.
Of those four recessions that produced net manufacturing job gains after 45 months, the one underway during Biden’s presidency ranks as the second-largest percentage gain, a 1.6% increase. The only manufacturing jobs recovery through 45 months that beats the current one was a recession that started in 1948, with a 6.9% increase.
In other words, the nation’s current manufacturing jobs rebound is the strongest at this point after a recession in 72 years.
Presidents Dwight Eisenhower, John F. Kennedy, Jimmy Carter, Ronald Reagan, Bill Clinton, George W. Bush, and Barack Obama were all in office 45 months after a recession began, and they did not see manufacturing jobs bounce back even to their initial levels, much less add manufacturing jobs on net. Reagan, Bush, and Obama all saw declines of 9.9% to 15.7%.
Our ruling
Biden said, "We’ve created close to 800,000 manufacturing jobs since I’ve taken office."
Federal data shows that manufacturing employment has increased by 789,000 since Biden took office in January 2021, though presidents do not control the economy single-handedly.
The first three-quarters of those jobs represent a return to previous manufacturing employment levels, but history shows that is rare.
The post-recession gains in manufacturing employment under Biden have been the strongest in 72 years, and the second strongest since World War II.
We rate Biden’s statement Mostly True.
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