February Jobs Day Statement
Today, Senator Martin Heinrich, (D-NM), Chairman-Designate 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 311,000 in February and the unemployment rate edged up to 3.6%, though the increase was not statistically significant. The unemployment rate was 5.7% for Black workers, 5.3% for Hispanic workers, 3.4% for Asian workers, and 6.7% (not seasonally adjusted) for American Indian and Alaska Native workers."
“Today’s jobs numbers show that the U.S. labor market is strong and wages are rising. The economy has now added 12.4 million jobs since President Biden came into office, and overall unemployment is near historic lows. Data released last week also shows that the unemployment rate in New Mexico fell by more than three percentage points in 2022."
“This strong labor market has led to important gains for workers. Real wages have grown fastest for workers with the lowest incomes, which has helped reduce income inequality. This boost to working families is only possible because of vital pandemic relief bills like the American Rescue Plan."
“As we celebrate Women’s History Month in March, it’s worth noting that the unemployment rate for women is near its lowest level in decades, and the share of women aged 25-54 in the labor force is at its highest point since 2000. Even still, we must do more to ensure an equitable labor market for women across the country. To that end, I am pleased that President Biden’s budget request included funding for vital services for working families, like child care, paid leave, and universal pre-k."
“No one number or statistic perfectly describes the health of the U.S. economy, and I know that even with today’s good economic news many Americans are worried about their family finances. I look forward to working with my colleagues to support an economy that continues to create opportunity and good-paying jobs for every American.”
About Chairman-Designate Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman-Designate of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
About the U.S. Congress Joint Economic Committee
The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President's Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.