Washington, DC – Today, Kentucky Representative John Yarmuth, Chairman of the House Budget Committee, released the following statement after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 528,000 in July and the unemployment rate fell to 3.5 percent:
“Today the unemployment rate matches its lowest point in more than 50 years,” said Chairman Yarmuth. “In President Biden’s economy, more Americans are working than at any other point in American history, wages are rising, and the well-being of working families is the priority.”
“Our economy has created more than 9.5 million jobs since President Biden took office, thanks in no small part to the American Rescue Plan and President Biden’s unprecedented vaccination initiatives,” Yarmuth continued. “It is key that we build on this momentum by enacting the Inflation Reduction Act. This historic and fully paid for legislation will deliver vital investments to lower costs for families, address the climate crisis, and promote responsible tax reform to ensure big corporations pay their fair share.”
Numbers of note:
- The U.S. economy added a very strong 528,000 jobs in July 2022. Three-month average job growth is now at 437,000 jobs a month. Since January 2021, 9.5 million jobs have been created.
- The unemployment rate fell to 3.5 percent. Unemployment levels are below projections from earlier 2021 and are effectively at full employment levels.
- Racial disparities persist, with Black men and Black women facing unemployment rates nearly twice as high as their white counterparts.
- Total payrolls have recovered to February 2020 levels, a record recovery given the depth of the COVID downturn.