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JEC Chairman Beyer on October Jobs Report

Today, Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 261,000 in October and the unemployment rate increased to 3.7%. The unemployment rate was 5.9% for Black workers, 4.2% for Hispanic workers, 2.9% for Asian workers and 5.6% (not seasonally adjusted) for American Indian and Alaska Native workers.

“Today’s jobs report, which showed 261,00 jobs added in October, makes clear that Democrats’ economic agenda is promoting healthy and sustainable growth. By passing the American Rescue Plan, Democrats have helped create nearly 10.3 million jobs nationwide since President Biden came into office. The national unemployment rate is hovering near a 50-year low, and according to the latest state data, every congressionaldistrict in every state has seen job growth surge and unemployment plummet. The United States has recovered more jobs than were lost during the pandemic recession, and today’s data indicate the pace of job growth continues to normalize—which is essential to our fight against inflation. Workers are securing better jobs with higher pay, and Democrats passing the Inflation Reduction Act will further cut costs for workers and families and reduce inflationary pressure long term. 

“After a decades-long decline in manufacturing, investments in American-made industry are driving amanufacturing boom. Already, more than 700,000 manufacturing jobs have been created under this Congress, and investments like the CHIPS and Science Act and the bipartisan Infrastructure Investment and Jobs Act will do more to support U.S. industry, improve our supply chains and promote economic growth for years to come. As a result, firms are expanding their operations in communities around the country and ushering in a future that is Made in America.

“We’re seeing strength and resilience across our economy, which is a testament to Democrats’ investments in workers, families, and small businesses—the foundation of our economy. Stronger-than-expected GDP growth in the third quarter, which made up for all the losses incurred by the declines in the first and second quarters, reflect confidence in the resilience of the U.S. economy. Service jobs, which were hardest hit by the pandemic, are growing, and supply chain bottlenecks are easing.

“Republicans want to choke it all off.

“They are threatening debt default and economic catastrophe to gut Social Security and Medicare, which could eliminate nearly six million jobs and cost the U.S. billions of dollars in lost economic activity. Republicans are threatening to repeal the Inflation Reduction Act, which would raise prescription drug costs and health insurance premiums. And they are planning giveaways to big corporations and the wealthy at the expense of everyday workers and families, which would stoke higher inflation and leave most U.S. households worse off.”