JEC Chairman-Designate Heinrich on March Jobs Report
Washington DC—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 236,000 in March and the unemployment rate ticked down to 3.5%. The unemployment rate was a record-low 5.0% for Black workers, 4.6% for Hispanic workers, 2.8% for Asian workers, and 7.5% (not seasonally adjusted) for American Indian and Alaska Native workers.
“Today’s jobs numbers showed once again that our economy continues to offer more job opportunities and higher wages. The economy has now added more than 12.6 million jobs since President Biden came into office, and the unemployment rate is down to near historically low levels.
“Recent reports also show that New Mexico has now recovered more jobs than were lost during the first months of the COVID recession, an important milestone on our continued economic recovery.
“While recent bank failures and headlines about tech company job cuts dominate the news cycle, the fundamentals of the U.S. labor market remain strong. Wages continue to rise, especially for lower-income families, and data from February shows that overall layoffs are still at very low levels.
“When the job market is this strong, it means that workers who have often been left behind can finally get ahead. Many employers now must compete to hire staff and then invest in their employees to make sure they stick around. This dynamic has particularly helped shrink the employment gap between workers who are Black and those who are white, bringing the Black unemployment rate to a record low, and has improved pay and benefits for lower-wage workers.
“While higher prices for food, housing, and childcare are still challenging families’ finances, we should not lose sight of our successful labor market recovery. The jobs expansion under President Biden means that millions of workers can now reap the benefits of stable employment and higher-paying careers.
“As we highlight these gains for workers, we should also pay attention to signs of stress in the banking system that could threaten our strong recovery. I look forward to working with my colleagues to pass common-sense regulations that ensure banks face appropriate scrutiny to help avoid disruptions like those caused by the collapse of Silicon Valley Bank.”
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.