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 517,000 in January and the unemployment rate fell to 3.4%, the lowest rate since May 1969. The unemployment rate was 5.4% for Black workers, 4.5% for Hispanic workers, 2.8% for Asian workers, and 5.7% (not seasonally adjusted) for American Indian and Alaska Native workers. Today’s data also show that the U.S. added over 4.8 million jobs in 2022, 311,000 more than were previously estimated.
“Today’s jobs numbers show the continued strength of the U.S. labor market, as another month of strong job growth brought the national unemployment rate down to a low not seen in 54 years. Under President Biden, the United States has added a historic 12.1 million jobs, experiencing 24 straight months of job gains. I am also pleased that New Mexico’s unemployment rate fell to 3.9% last month, its lowest rate in nearly 15 years.
“These strong employment gains, paired with the robust economic growth reported last week, underscore the strength of our economy and lessen concerns about an imminent recession. The pace of job growth has returned to more normal and stable levels, and strong wage gains are supporting working families.
“While House Republicans are threatening to default on the national debt, driving up costs to American families and putting continued economic growth in peril, Democrats are focusing on continuing to drive down costs and increase jobs.
“In the last two years, Democrats made historic investments in infrastructure, clean energy, and domestic manufacturing. These will pay dividends for American workers going forward. I also know that we have more work to do. As we begin the 118th Congress, I look forward to advancing an economy where more people have the opportunity to succeed, and well-paying jobs aren’t a luxury that are only available to a select few.”