Unemployment drops to 50 year low as U.S. adds over quarter of a million jobs in September
The US economy is outpacing China for the first time since 1976.
President Biden signs multiple pieces of significant legislation into law.
The FBI raid on Trump’s estate Mar-a-Lago has overshadow economic success.
Huge Economic Numbers
The September jobs report exceeded expectations, adding 263,000 jobs to the economy. With these gains, unemployment dropped to 3.5%, reaching a historic 50 year low. Annual pay is also up 7.8%, according to ADP, and U.S. economic grow is outpacing China for the first time since 1976.
Gas prices continue to stabilize, having fallen for 91 consecutive days from June to September.
Two Pieces of Historic Legislation Pass To Support Americans
$280B CHIPS Act in Bid to Boost US Manufacturing Over China
The CHIPS Act was officially signed into law by Biden on August 9th, marking a major investment in U.S. semiconductors that will compete with China’s chip development. Companies have also promised their own investments into semiconductors following the announcement of the legislation. Micron stated they are investing $40 Billion in chip research and production which will boost the industry and create jobs.
Congress passed the bipartisan PACT Act to expand healthcare to Veterans injured during their time serving the nation. Now, about 1-in-5 veterans can access improved healthcare and a smoother process to receive benefits for injuries, especially due to toxins from burn pits, and other chemicals like Agent Orange.
Mar-a-Lago Raid Overshadows Huge Wins
All this economic news was overshadowed the evening of August 8th, when the FBI raided the home of former president Trump. Agents searched for evidence that Trump had violated the Presidential Records Act, which made it illegal for Presidents to leave office with or destroy records from their Presidency. The search warrant, which has not been made available to the public, had to establish a connection between Trump, Mar-a-Lago, and a crime. It then had to be signed off by the Trump-appointed director of the FBI and the Attorney General of the United States. One former prosecutor has called it the "most important search warrant in the history of the United States."