WASHINGTON, DC –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 390,000 jobs in May and the unemployment rate remained low at 3.6 percent:
“With 390,000 new jobs created in May and unemployment holding steady at 3.6 percent for the third month in a row, our economic recovery continues to surpass expectations and roar back from the pandemic,” said Chairman Yarmuth.
“This progress was not guaranteed: it was the direct result of President Biden and Democrats’ economic agenda. Prior to the enactment of the American Rescue Plan, the nonpartisan Congressional Budget Office projected our economy would not reach 3.6 percent employment during the entire decade. Now, thanks to the Rescue Plan, Americans are benefiting from one of the strongest job markets in history and our economy is growing at a strong and steady growth.
“As Democrats oversee this record-breaking economic recovery, we remain committed to ensuring equitable growth while lowering costs for families. Global challenges like international supply chain bottlenecks and Russia’s now 100-day war in Ukraine are putting upward pressure on prices around the globe. I look forward to working with my colleagues to make the smart investments needed to lower costs for working families and continue expanding our economy from the bottom up and middle out.”
Statistics of note:
- The U.S. economy added a strong 390,000 jobs in May 2022. Three-month average job growth is now at 408,000 jobs a month. Under President Biden, the U.S. economy has added 8.7 million jobs since January 2021, regaining more than 96 percent of jobs lost during the pandemic and recovering faster than the last four recessions.
- Much of the job growth this month was driven by an increase of 84,000 jobs in leisure and hospitality, 75,000 in business and professional services, 74,000 in education services and 57,000 in government.
- The unemployment held steady at 3.6 percent. Unemployment levels are below projections from earlier in the year and are falling closer to full employment levels.
- Racial disparities persist, with Black men and Black women facing an unemployment rate more than twice as high as their white counterparts.