The unemployment rate is near half-century lows and total employment has returned to pre-Covid levels.Īnd it’s worth noting that stocks surged during the early days of the Biden era. Good news for Main Street is at times treated as bad news by Wall Street.ĭespite the recent losses in the market, the jobs market remains historically strong. Of course, the stock market is not the economy, nor should it be viewed as a barometer to govern towards. (Photo by Spencer Platt/Getty Images) Spencer Platt/Getty ImagesĪ recession in the US is not a slam dunk, Goldman Sachs says NEW YORK, NEW YORK - SEPTEMBER 23: People walk outside of the New York Stock Exchange (NYSE) on Septemin New York City.
The struggles in the market are largely linked to high inflation, which has caused the Federal Reserve to launch a barrage of punishing interest rate hikes. The S&P 500 climbed 52.2% during the first 656 calendar days in office for former President Barack Obama and 23.9% under former President Donald Trump, according to CFRA. Kennedy (-2.1%), according to CFRA.īy contrast, Biden’s two immediate predecessors sported surging stock markets as they headed into their first midterm election. Out of the 13 presidents since 1953, Biden ranks ninth in terms of stock market performance through this point in office, besting only former Presidents George W. That marks the second-worst performance during a president’s first 656 calendar days in office since former President Jimmy Carter, according to CFRA Research.
The stock market under President Biden started with a boom, but it heads into the midterm elections looking more like a bust.Īs of Monday, the S&P 500 has fallen by 1.2% since Biden took office in January 2021.
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