Unemployment Hits 50-Year Low Under President Biden’s Leadership
FOR IMMEDIATE RELEASE: August 5, 2022
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UNEMPLOYMENT HITS 50-YEAR LOW UNDER PRESIDENT BIDEN’S LEADERSHIP
Newsweek: What Recession? Payrolls Data Gives Economy Boost to Biden
CNBC: Payrolls increased 528,000 in July, much better than expected in a sign of strength for jobs market
WASHINGTON, D.C. — The historic job growth we’ve seen under President Biden’s leadership shows no signs of stopping, with the U.S. economy adding 528,000 jobs last month. Since President Biden took office, the U.S. economy has broken countless records, from regaining all jobs lost during the pandemic to creating more manufacturing jobs on average per month than any other president in the last 50 years.
The president is committed to building on this growth, including through the Inflation Reduction Act of 2022, which will lower costs for working families, reduce the deficit, and ensure the wealthiest Americans and large corporations pay their fair share. Experts estimate that this legislation will add to the jobs boom under President Biden and create upwards of 9 million good jobs over the next decade – an average of nearly 1 million jobs every single year.
“President Biden continues to oversee the most robust job creation in U.S. history, and he’s not stopping here,” said Building Back Together Executive Director Danielle Melfi. “He is fighting to build on this progress, including through the Inflation Reduction Act, which will create good-paying union jobs across the country and give middle class families more breathing room in their budgets. As we celebrate the significant progress we’ve made under President Biden’s leadership, we urge Congress to pass this legislation to lower costs for working families, tackle the climate crisis, make our tax system fairer, and fuel more historic job creation.”
President Biden has overseen historic job growth since taking office:
- Today’s jobs report shows 528,000 jobs added in July, significant growth after the U.S. officially regained all jobs lost during the pandemic last month.
- The unemployment rate has hit a 50-year low under President Biden’s leadership.
- Not only are American workers employed in record numbers, but more have full-time jobs now than did in February 2020, before the pandemic began.
- During President Biden’s first year in office, the American economy created more manufacturing jobs on average per month than any other president in the last 50 years.
The Inflation Reduction Act will lower costs and build on this historic job growth:
- Experts estimate that the Inflation Reduction Act will create upwards of 9 million good jobs over the next decade, an average of 1 million jobs every single year.
- These investments will create jobs across various sectors in the next decade, including an estimated:
- 5 million jobs from clean energy investments to meet our climate goals and lower energy costs.
- 900,000 jobs from clean manufacturing projects that will help to bring supply chains back to the U.S.
- 900,000 jobs from clean building projects to make homes stronger, healthier, and more energy efficient.
- 600,000 jobs from natural infrastructure projects that will strengthen our resilience to climate disasters.
- 400,000 jobs from clean transportation projects that will lower transit costs for families.
- 150,000 jobs from environmental justice initiatives to address the disproportionate impact of climate change, particularly in low-income communities and communities of color.
President Biden is laser focused on getting the Inflation Reduction Act across the finish line to build on the economic progress we’ve already achieved thanks to his leadership.
It’s essential that Congress pass this legislation and send it to his desk.