Strong Job Growth And Unemployment At 53-Year Low As POTUS’ Economic Plan Delivers For Working Families
FOR IMMEDIATE RELEASE: February 3, 2023
PRESS CONTACT: [email protected]
STRONG JOB GROWTH AND UNEMPLOYMENT AT 53-YEAR LOW AS POTUS’ ECONOMIC PLAN DELIVERS FOR WORKING FAMILIES
CNBC: Payrolls increased by 517,000 in January, crushing estimates, as unemployment rate hit 53-year low
Axios: U.S. economy adds whopping 517,000 jobs in January
Washington Post: Employers added 517,000 jobs in January, astonishing labor market growth
WASHINGTON, D.C. — Today’s strong jobs report underscores that President Biden’s economic plan is working, creating good-paying jobs for working families as our economy transitions from a historic recovery to steady and stable growth. Wages are outpacing inflation, meaning families have more breathing room in their budgets, and unemployment is at its lowest level in over half a century. President Biden is growing our economy from the middle out and the bottom up, and the positive impact for working families is clear.
“The president’s economic agenda is creating jobs and lowering costs for middle class families across the country,” said Building Back Together Executive Director Danielle Melfi. “We’ve seen a historic recovery under his leadership, and as we transition to lasting growth that works for working families, we’re seeing continued job creation, rising wages, and inflation coming down. The historic legislation the president has signed since taking office is creating good-paying union jobs that don’t require a college degree, and in the months and years ahead, will continue to improve the lives of families across the country.”
Today’s jobs report builds on two years of strong, steady growth as Americans get back to work across the country:
- The January jobs report shows 517,000 jobs added to our economy and wages that continue to rise.
- In the two years since President Biden took office, a record over 12 million jobs have been added to the economy, including 800,000 manufacturing jobs.
- This is almost as many jobs in two years as any President ever has added to the economy in a four-year term.
- This is almost as many jobs in two years as any President ever has added to the economy in a four-year term.
- Unemployment has dropped to 3.4%, the lowest level since May 1969.
Recent economic data underscores that President Biden’s agenda is working for working families:
- 38 states have an unemployment rate under 4%.
- We’ve experienced the best two years for small business applications on record.
- Annual inflation fell for the last six months to the lowest annual inflation in more than a year.
- Real wages are higher than they were seven months ago – and continuing to rise.
The biggest threat to this economic progress is House Republicans’ extreme and unpopular plan, which will:
- Raise taxes on working families with a 30% national sales tax.
- Make gas prices more expensive.
- Worsen inflation and increase the deficit by letting wealthy tax cheats off the hook.
- Put Social Security and Medicare on the chopping block.
- Threaten the full faith and credit of the U.S. to enact their reckless agenda.
###