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Bureau of Labor Statistics JEC Republican Staff Note Consistent with Bureau of Labor Statistics month over month figures are seasonally adjusted Discrepancy from monthly figures due to rounding Table 2 Nominal...Bureau of Labor Statistics JEC Republican Staff Note Consistent with Bureau of Labor Statistics month over month figures are seasonally adjusted Discrepancy from monthly figures due to rounding Table 3 BLS...Bureau of Labor Statistics JEC Republican Staff Note Consistent with Bureau of Labor Statistics month over month figures are seasonally adjusted Discrepancy from monthly figures due to rounding Table 6 JOLTS...

source Sep 08 10 00 AM Monthly Debt Update September 2025 U S Treasury Sep 11 08 30 AM Monthly Inflation Update August 2025 Bureau of Labor Statistics Sep 12 10 00 AM Monthly Fiscal Update August 2025...National Employment Report JEC Republicans calculations ppˮ percentage points M Mˮ month over month Y Yˮ year over year Consistent with the Bureau of Labor Statistics monthly figures are...

113 consecutive months through February 2020 The 178 000 average nonfarm payroll jobs added each month in 2019 were lower than the 193 000 average added monthly in 2018 but still marginally higher than...net nonfarm payroll jobs in 2020 followed by a rebound of job growth in 2021 averaging 490 000 per month over the year However while the number of jobs lost between February and April 2020 virtually erased...nominally by 3 percent as compared to a year ago in the final quarter of 2019 Even adjusting for inflation wage growth compared to a year ago remained relatively steady near 1 percent over all four quarters...

period adding only 65 000 jobs per month on average see Figure 1 1 4 which is down significantly from CBO s January 2016 projection of approximately 75 000 jobs added per month over the 2021 2026 period 13 Figure...peak in 1999 6 A 2016 study from Pew Charitable Trusts found that the overall U S growth rate in inflation adjusted personal income from the final quarter of 2007 through the final quarter of 2015 is 1 6...and long run 32 Potential GDP CBO defines potential GDP as the maximum sustainable amount of real inflation adjusted output that the economy can produce 46 Since 2007 CBO has consistently revised estimates...

The Biden administration is revitalizing U S construction and manufacturing jobs 10 Progress on inflation continued throughout 2023 though it still presents challenges for the Federal Reserve 12 Wage growth...directly led to record levels of manufacturing investment even after adjusting for inflation 29 The CHIPS Act and the Inflation Reduction Act s targeted investments in science and technology continue to drive...Act targets underserved communities for new manufacturing hubs and investment incentives 78 The Inflation Reduction Act s renewable energy tax credits provide incentives to invest in rural and underserved...

strength 5 GDP growth has remained positive throughout the Biden administration 6 Multiple measures of inflation continue to trend downward 7 Bipartisan infrastructure and CHIPS deals as well as IRA are dramatically...Recognition of interest rate risk is key to ensuring banking sector stability in a time of high inflation 57 Previous rollbacks of financial regulations left significant regulatory gaps and insufficient...investments in local economic development in the CHIPS Act Infrastructure Investment and Jobs Act and Inflation Reduction Act can leverage these effects to foster equitable economic growth 99 Guaranteeing housing...

sustain the PRAC and the PACE s data analytics capabilities to support OIG oversight efforts Just last month the House Committee on Oversight and Government Reform advanced legislation the FACT Act to sustain...

without overheating the economy Expansionary policies would be less likely to lead to unwanted inflation and the size of the deficit would be of less immediate concern if economic growth accelerates toward...testified in 2015 that tuition prices have increased by 225 percent over the past 30 years after inflation 63 The 2017 Response explains that easy access of subsidized credit to nearly all college students...economic growth prospects OVERVIEW From 2008 2016 inflation adjusted real GDP growth averaged only 1 3 percent compared to 2 9 percent from 1990 2007 The inflation rate slowed to a 1 5 percent average from 2008...

illustrate its weaknesses 48 Infrastructure Investment and Jobs Act 48 CHIPS and Science Act 49 Inflation Reduction Act 52 American Rescue Plan Act 55 Alternatives to industrial policy 59 Regulation 59...policies that have directly led to record levels of manufacturing investment even after adjusting for inflation 150 The CHIPS Act and the IRA s targeted investments in science and technology continue to drive...THE FUTURE 150 VIII Older Americans are paying less for prescription drugs because of Democrats Inflation Reduction Act 156 Many Americans are paying less for health insurance and seeing more covered benefits...

on the state of the Union and ordered to be printed U S GOVERNMENT PRINTING OFFICE WASHINGTON 2022 MONTH XX 2021 U S GOVERNMENT PRINTING OFFICE WASHINGTON 2021 I JOINT ECONOMIC COMMITTEE Created pursuant...PURCHASING POWER 83 Inflation Trends 84 Inflation Hits its Highest Level in 40 Years 84 Markets Expect High Inflation to Persist 85 The Consequences of Inflation 88 High Inflation Imposes Significant Costs...88 Americans Experience Inflation Differently Depending on Where They Live 88 Inflation Costs Will Remain Even After Inflation Reverts to Normal Levels 90 Drivers of Inflation 92 Shifting Consumer Preferences...