Today, U.S. Representative Marie Newman (D-IL-03) and Joint Economic Committee Chairman (JEC) Representative Don Beyer (D-VA-08) released this year’s Third Quarter Worker’s Economy Report, a shortcut guide designed to provide constituents with an understanding of America’s post-pandemic economy. As part of a quarterly series launched earlier this year, today’s new Worker’s Economy report details the economic growth of the past three months that has been propelled by President Biden’s American Rescue Plan and the White House’s national vaccine campaign. Additionally, the report examines how supply chain bottlenecks and an increase in COVID cases among the unvaccinated has affected these economic indicators.
“As this country continues to recover from the coronavirus recession, America’s working families deserve to know exactly how our economy is working for them. That’s why our office has partnered with the Joint Economic Committee again to release a new Worker’s Economy Report so that Americans can get a real look at how our economy is improving,” said Congresswoman Newman. “From job growth in nearly every major industry to unemployment claims at a pandemic-era record low, this first-of-its-kind report details real economic indicators that matter most for how our workers and communities are faring, not just those at the top of the income ladder. With the passage of President Biden’s bipartisan Infrastructure Investment and Jobs Act as well as the incredible progress on the Build Back Better Act in Congress, I look forward to building on this quarter’s economic success by cutting taxes for working families, reducing household costs, and making critical investments in paid leave so that more Americans can return to the workforce.”
“Promoting stronger, stable and more broadly shared growth begins with understanding how our economy is delivering for all families, workers and communities—and not just the wealthiest,” said JEC Chairman Don Beyer (D-VA-08). “That is why I’m pleased to continue partnering with my colleague Congresswoman Newman to produce the Quarterly Worker’s Economy Report, which provides an economic snapshot of the recovery across the indicators that truly impact the lives of our constituents. As our nation recovers from the worst recession since the Great Depression, which is not without its challenges, we can see in this report how evidence-based investments in workers, communities, and state and local governments—like those in the American Rescue Plan—are crucial to growing the economy and building economic resilience. On the heels of passing the bipartisan Infrastructure Investment and Jobs Act, and with incredible progress toward passing the Build Back Better Act, I look forward to partnering on future iterations of this report to demonstrate how these transformational investments are delivering a more inclusive economy.”
This quarter’s report examines various economic indicators that make a real difference to working families, such as job growth, retail sales, unemployment claims, new business formation and the overall GDP. Since President Biden took office, the nation has created more than 5 million jobs, the average number of people newly filing for unemployment has declined by nearly 70%, and the U.S. economy is now bigger than it was before the pandemic.
The recovery has not been without its challenges, as the United States continues to experience the economic effects of COVID surges among the unvaccinated and global supply chain disruptions, which have led to increased consumer prices. With the recent passage of the Bipartisan Infrastructure Investment and Jobs Act and significant progress toward passing the Build Back Better Act in Congress, these monumental investments in physical and care infrastructure will reduce household costs, decrease inflationary pressures long-term, address decades-old supply chain problems, and raise worker wages.
Over the coming months, Representatives Newman and Beyer will continue to release a quarterly Worker’s Economy Report, detailing efforts to ensure this nation’s robust recovery transitions towards strong, stable, and broadly shared long-term economic growth that benefits all Americans.
Read the report here.