Washington, D.C.—Today, Senator Martin Heinrich (D-NM), 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 187,000 in August and the unemployment rate rose slightly to 3.8%. The unemployment rate was 5.3% for Black workers, 4.9% for Hispanic workers, 3.4% for white workers, 3.1% for Asian workers, and 8.3% (not seasonally adjusted) for American Indian and Alaska Native workers.
“Today’s numbers show that job growth is strong. They also provide a clear indication that the labor market is beginning to cool. The Federal Reserve should take note of this signal and decline to impose another rate hike this month.
“As Congress continues federal budget negotiations, we need to remember that smart spending will deliver long term benefits for American families and workers and for our local and national economies. And we must reject the threats coming from certain House Republicans to force a government shutdown rather than negotiate a bipartisan federal funding bill.”
About Chairman 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 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.??