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 528,000 in July and the unemployment rate decreased to 3.5%. The unemployment rate was 6.0% for Black workers, 3.9% for Hispanic workers, 2.6% for Asian workers and 3.9% (not seasonally adjusted) for American Indian and Alaska Native workers.
“With today’s jobs report, another blockbuster in a history-making recovery, the United States has now more than recovered all the jobs lost during the pandemic. After more than two years of record-breaking gains, the latest data provide more evidence that Democrats’ investments in workers, families and businesses are driving more sustainable and broadly shared growth. This is work that Democrats continue full steam ahead as we move to pass the Inflation Reduction Act, which will make historic strides to reign in health care costs and combat climate change while also cutting the deficit and tackling inflation.
“The strength and speed of this recovery speaks to good economic policy and strong leadership. Since President Biden came into office, the United States has added 9.5 million jobs. This is a direct result of the American Rescue Plan and other pandemic relief bolstering businesses and families and ensuring workers could safely return to work. Unemployment has now fallen to its pre-pandemic rate, a 50-year-low, and demand for workers remains high. These are the metrics of a labor market that is open for business and an economy that is humming along.
“However, inflation continues to deprive workers and families of the full benefits of our economic recovery.
“Even as Republicans offer nothing constructive and obstruct at every step of the way, Democrats are continuing to lower costs and fight inflation on behalf of U.S. workers and families. The Inflation Reduction Act would cut household energy and health care costs for millions of Americans in the near term, while also reducing the budget deficit and fighting inflation. The health provisions of the bill alone would lower costs for working families and seniors alike, shore up Medicare’s finances and save the government nearly a quarter of a trillion dollars over the next decade. Investments in clean energy production and manufacturing would help stabilize energy prices, insulate households against future spikes and mitigate economic losses due to climate change. On top of what the White House and Congressional Democrats have already done to reign in corporate power and cut household costs now and for the long term, this is a meaningful step to boost family economic security and promote shared prosperity.
“I look forward to voting with my Democratic colleagues to pass this pro-growth, inflation-reducing legislation.”