House Budget Chairman Yarmuth on January Jobs Report: “Yet another example of how our economic recovery is outpacing projections”

Washington, D.C.— Today, after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment soared past expectations with 467,000 jobs added in January, Kentucky Representative John Yarmuth, Chair of the House Budget Committee, released the following statement:

“Today’s incredible jobs data is yet another example of how our economic recovery is outpacing projections thanks to the American Rescue Plan and President Biden’s and Congressional Democrats’ economic agenda. Last week it was confirmed that in 2021 the U.S. achieved the fastest economic growth in nearly four decades, and this week a CBO report showed record wage growth and increased consumer purchasing power, despite pandemic-induced and temporary inflation.

“House Democrats will keep fighting for the critical investments we need to fix supply chain disruptions, lower costs for families, create good-paying jobs here in America, and better prepare our country for the future. Today’s passage of the America COMPETES Act ensures we will build on this momentum and strengthen our long-term recovery as we modernize our infrastructure, secure better opportunities for American workers, and position the United States to outcompete our global competitors. I look forward to surpassing more milestones and making more progress for the American people as Democrats work to Build Back Better.”

Key stats from January’s jobs report:

• Job growth continued under President Biden for the twelfth consecutive month, increasing by 467,000 in January.
• Job growth under President Biden has averaged 551,000 per month for a record-shattering total of over 6.6 million jobs since he took office.
• The U.S. has recovered 87% of the jobs lost during the worst of pandemic.
• Unemployment was steady at 4.0%, significantly lower than the 6.4% rate when President Biden came into office.
  • The unemployment rate in January was 6.9% for Black workers, down from 9.2% when President Biden came into office—though the rate remains more than double the white unemployment rate (3.4%).
  • The unemployment rate in January was 4.9% for Hispanic workers, down from 8.6% when President Biden came into office.
  • The unemployment rate in January was 3.6% for Asian workers, down from 6.6% when President Biden came into office.
  • The non-seasonally adjusted unemployment rate in January was 11.1% for American Indian and Alaska Natives (AIAN). This is the first time BLS has published this key metric on a monthly basis. BLS has committed to continue to publish this figure going forward.
• Many major industries have now fully recovered all the jobs lost during the coronavirus pandemic: transportation and warehousing, retail trade, financial activities, information, and business services.
  • There are now 542,000 more jobs in transportation and warehousing than before the coronavirus pandemic.
  • Employment in air transportation has fully recovered from the impact of the coronavirus pandemic, with 7,000 more workers employed in air transportation now compared to February 2020.
  • Employment in leisure and hospitality, which was particularly hard hit by the coronavirus pandemic, added 151,000 jobs in January