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 199,000 in November and the unemployment rate fell slightly to 3.7%. The unemployment rate was 5.8% for Black workers, 4.6% for Hispanic workers, 3.3% for white workers, 3.5% for Asian workers, and 6.1% (not seasonally adjusted) for American Indian and Alaska Native workers.
“We’re heading into the holiday season with a strong economy. We’ve had 34 consecutive months of job growth. Our economy has gained nearly 14 million jobs under President Biden – the fastest job growth in history. Wages continue to grow, especially for low- and middle-income families, and have outpaced inflation in recent months.
“The next few weeks are an important time for American small businesses, who employ nearly half of all American workers. As you do your holiday shopping and celebrate with friends and family, remember to shop, eat and seek entertainment at the small businesses that make our communities and our economy thrive.”
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.??