Ten charts that explain the U.S. economy in 2023: Charts 8 and 9: Women and Black Americans made historic gains.

The White House on a beautiful spring afternoon in Washington, DC This is the home of the President of the United States.

The US economy fell short of expectations this year. Many forecasters predicted a recession, with some even claiming a “100 percent” chance of a recession. President Biden never thought this was necessary – and he was right.

Instead of a recession, inflation has fallen to 2% in the last six months, unemployment has been below 4% for 22 straight months, and wages, wealth and income are all now higher than before the pandemic began. While there is still much work to be done – from reducing the cost of prescription drugs and energy to combating price gouging by banning hidden junk fees and encouraging companies to pass savings on to consumers – this year has seen notable progress brought.

The Council of Economic Advisers presents ten charts that represent the most important economic developments of the past year. They represent an economy that grows from the center out and from the bottom up – driven by Bidenomics.

Diagrams 8 and 9:

Women and Black Americans achieved historic success in the labor market.

The year 2023 saw the highest labor force participation rate for prime-age women since 1948. The previous high of 77.3 percent in April 2000 has been exceeded in each of the past eight months. This group's record-breaking labor force participation has helped boost American household incomes and keep consumer spending high.

In 2023, the economy experienced the smallest difference between the employment rates of black and white American workers on record, averaging 0.7 percentage points. The strong economy boosted by President Biden's economic policies reduced some long-standing labor market inequalities, pushing that gap to its lowest level on record.

Read the full blog here.

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