Biden Is Making America Great Again

The unemployment rate is low for the wrong reason. After the pandemic, a large proportion of the population did not go back to work. This can be seen in the labor participation rate. As a result, there are a lot of existing jobs which have not been refilled. The employers are looking for workers. Employment rate is simply the number of people actively looking for work divided by the number people employed plus the number of people actively looking for work. Since there is a large number of unfilled jobs, the unemployment rate is very low.

The unemployment was considerably low under Trump in Feb 2020. It was low for the right reasons. Nearly all the available jobs were filled and there were very few actively looking for work. It was a near ideal situation.

A result of the low labor participation rate is apparent. It is difficult to find someone in the trades. There is a long waiting time for plumbers, appliance repairmen and electricians to do repair work.