Beyer hails October jobs report

Today, Northern Virginia Rep. Don Beyer, Chairman of the Joint Economic Committee (JEC) of the U.S. Congress, issued the following statement after the Bureau of Labor Statistics (BLS) reported that non-farm payroll employment rose by 261,000 in October and the unemployment rate rose to 3.7%. The unemployment rate was 5.9% for Black workers, 4.2% for Hispanic workers, 2.9% for Asian workers, and 5.6% (unadjusted) for Native American and Native American workers from Alaska.

“Today’s jobs report, which showed 261,000 more jobs in October, is a clear signal that the Democrats’ economic agenda is supporting healthy and sustainable growth. By passing the US bailout, Democrats have helped create nearly 10.3 million jobs nationwide since President Biden took office. The national unemployment rate is near a 50-year low and, according to the latest state data, every member of Congress district in each State has seen job growth increase and unemployment fall. The United States has regained more jobs than it lost during the pandemic recession, and today’s data indicates that the pace of job growth continues to normalize, which is essential to our fight against inflation. Workers get better jobs with higher pay, and Democrats passing the Cut Inflation Act will further reduce costs for workers and families and reduce long-term inflationary pressure.

“After decades decline in the manufacturing sector, investments in the American manufacturing industry lead to a manufacturing boom. Already, more than 700,000 manufacturing jobs have been created through this Congress, and investments like the CHIPS and Science Act and the bipartisan Infrastructure Investment and Jobs Act will do more to support American industry, improve our supply chains and promote economic growth for years to come. . As a result, companies are expanding their operations into communities across the country and ushering in a Made in America future.

“We are seeing the strength and resilience of our economy, which is a testament to Democrats’ investments in workers, families and small businesses, the foundation of our economy. Stronger-than-expected GDP growth in the third quarter, which offset all the losses suffered from the declines in the first and second quarters, reflects confidence in the resilience of the US economy. Service jobs, which have been hardest hit by the pandemic, are expanding and supply chain bottlenecks are easing.

“The Republicans want to smother everything.

“They are threatening default and economic disaster drain social security and health insurance, which could eliminating nearly six million jobs and costing the United States billions of dollars in lost economic activity. Republicans threaten to repeal the Inflation Reduction Act, which would have increase prescription drug costs and health insurance premiums. And they are planning handouts to big business and the wealthy at the expense of ordinary workers and families, which would fuel higher inflation and make most American households worse off.

Jerry B. Hatch