Vice President Kamala Harris was asked several sharp questions during an interview with CBS’s “60 Minutes,” one of which concerned how the Biden-Harris administration had managed the economy.
“There are many indications that the U.S. economy is performing exceptionally well better than most nations, I believe,”
Bill Whitaker of CBS stated during the interview, which aired on October 7.
But it doesn’t appear like the American people are sensing it. People are blaming you and Joe Biden for the 25% increase in groceries.
Harris declared,
“Unemployment across all demographic categories in America is at an all-time low. By many macroeconomic standards, our economy is now doing quite well. You’re right in saying that costs are still too high. And you included groceries in my strategy because I know it and we need to address it. What has to be done to lower the cost of groceries is a component of my proposal.”
We questioned if Harris was right when he said,
“We now have historic low unemployment in America among all groups of people.”
Context of the ’60 Minutes’ interview
The simple answer is that, by historical standards, unemployment has been low for all categories under the Biden-Harris administration; in certain cases, it has even reached record lows. But Harris used the word “now,” which can mislead listeners into believing that unemployment is at an all-time low right now. For all those categories, however, that is not the case because the rate of unemployment has been rising for over two years. 2.5% is the record low rate of unemployment nationwide, recorded in 1953. The statements and campaign pledges made by Harris and Trump between now and November 5 are the center of attention, with less than a month until Election Day and the possibility of an “October surprise” on the minds of both candidates. Newsweek’s Fact Check team has examined the statements Harris made on Monday night, even though the majority of the discussion focused on her intentions and opinions on her record in office.
Analysis of unemployment trends during Harris’s term
Under Biden’s leadership, the rate dropped to 3.4% for two months in 2023, the lowest level in the previous seven decades. However, the rate was 4.1%, or seven-tenths of a percent higher than the 70-year low, in September 2024, the most recent month. When asked how she would finance her economic initiatives, the vice president dodged questions about the rise in unauthorized immigration. In addition, Harris got the opportunity to poke fun at former President Donald Trump, who had declined an invitation to participate in the same show. Harris’s response was unusual in that it praised government efforts to place Americans in jobs while not claiming to have reached a record low. In fact, according to data from the US Bureau of Labor Statistics (BLS), the unemployment rate for all Americans aged 16 and over in 2024 was at an all-time low. According to seasonally adjusted data, the unemployment rate for Black or African American workers fell to 4.8 percent in April 2023, the lowest number since records have been kept during the Biden administration.
Fact-checking the claim of historic low unemployment
But compared to a year earlier, the jobless rate has gone higher for numerous categories. Seasonally adjusted, the rate for the civilian population increased by 0.3 percentage points between September 2023 and September 2024, with rises among the White, Asian, and Hispanic groups. In that period, there has been a 1.3 percentage point increase in the unemployment rate for Americans without a high school graduation.
Fact | Detail |
Synopsis of the Allegation | In an interview with “60 Minutes,” Kamala Harris said that unemployment is at an all-time low for all categories. |
Rates of Unemployment Currently | Although compared to other years, unemployment rates are low, but not for all demographic groups. |
Verifying the Statement with Facts | While there has been a notable decline in unemployment, not all demographics are seeing historically low rates. |
Economical Aspects Affecting | The post-pandemic recovery, changes to the job market, and economic initiatives implemented during Biden’s administration are among the factors. |
Expert Reactions | Although there has been progress, analysts have noted that it might be deceptive to declare all-time lows. |
Groups experiencing low and high unemployment rates
Harris asserted in the same thread that the economy’s measuring metrics are expanding. Every politician would like to celebrate certain important indicator findings. The United States has outperformed Canada, Japan, Germany, the eurozone, and the United Kingdom in terms of GDP growth relative to pre-pandemic levels when compared to other major international economies. Predictions from the International Monetary Fund and the Organization for Economic Co-operation and Development (OECD) indicate that the United States will surpass all G7 countries in real GDP growth in 2024, with a growth rate of 2.6 percent. In April 2024 and August 2024, personal income gains generally outperformed or matched increases in personal consumption expenditures, and unemployment rates are low, if not at record lows.