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 263,000 in November and the unemployment rate held steady at 3.7%. The unemployment rate was 5.7% for Black workers, 3.9% for Hispanic workers, 2.7% for Asian workers and 7.7% (not seasonally adjusted) for American Indian and Alaska Native workers.?
“Today’s jobs report makes clear that the U.S. economy is benefitting from continued strong and sustainable job growth, thanks in large part to the investments this Congress has made on behalf of U.S. workers and families. Under President Biden, the United States has added a historic 10.5 million jobs, experiencing 22 straight months of job gains. The strong gains reported today underscore the resilience of our economy and lessen concerns about an imminent recession.? ?
“The U.S. has recovered more than all the jobs lost during the pandemic, and the national unemployment rate continues to hover near a 50-year low.?The pace of job growth?has returned?to more normal and stable levels, and strong wage gains are supporting working families.?
“The strength of our labor market rebound is a testament to President Biden’s economic plan and Democrats’ actions to rebuild the middle class and address persistent economic disparities. Laws like the American Rescue Plan, the Infrastructure Investment and Jobs Act, the CHIPS and Science Act and the Inflation Reduction Act have laid the groundwork for more inclusive economic growth. ?
“As this Congress draws to a close, I am immensely proud of all that President Biden and Democrats in Congress have done to put our economy on a stronger path. Alongside this record-breaking employment recovery, revised estimates show that real GDP growth was even stronger than initially estimated last quarter, and data reported yesterday on consumer spending and personal income points towards continued stable growth. Even with global economic headwinds, the U.S. economy has shown remarkable strength and resilience.?
“While Democrats continue to invest in pro-growth, pro-worker and pro-business policies, Republicans in Congress continue their Grinch-like ways, threatening debt default and economic catastrophe in order to gut Social Security and Medicare.”?