The Bureau of Labor Statistics reported Friday that nonfarm payroll employment increased by 261,000 in October, and the unemployment rate rose to 3.7 percent, a 0.2 percent increase from September.
Since March 2022, the unemployment rate has stayed within 3.5 to 3.7 percent.
The number of unemployed Americans increased in October by 306,000 to 6.1 million.
The number of Americans who are not employed but want jobs did not change and remains at 5.7 million, above the 5 million reported in February 2020 just before the COVID-19 pandemic began.
For Black employees, the unemployment rate was 5.9 percent in October, 4.2 percent for Hispanics, 2.9 percent for Asian and 5.6 percent for American Indian and Alaska Native.
“Today’s jobs report, which showed 261,00 jobs added in October, makes clear that Democrats’ economic agenda is promoting healthy and sustainable growth,” Congressman Don Beyer of Virginia, Chairman of the U.S. Congress Joint Economic Committee (JEC), said in a press release Friday. “By passing the American Rescue Plan, Democrats have helped create nearly 10.3 million jobs nationwide since President Biden came into office. The national unemployment rate is hovering near a 50-year low, and according to the latest state data, every congressional district in every state has seen job growth surge and unemployment plummet. The United States has recovered more jobs than were lost during the pandemic recession, and today’s data indicate the pace of job growth continues to normalize — which is essential to our fight against inflation. Workers are securing better jobs with higher pay, and Democrats passing the Inflation Reduction Act will further cut costs for workers and families and reduce inflationary pressure long term.”
After decades of decline in American manufacturing, investments are being made in American industry again and “driving a manufacturing boom,” Beyer said. Congress has created more than 700,000 jobs, and investments such as the CHIPS and Science Act and the Infrastructure Investment and Jobs Act will further support American industry, improve supply chains and promote economic growth.
“As a result, firms are expanding their operations in communities around the country and ushering in a future that is Made in America,” Beyer said in the press release.
The U.S. is “seeing strength and resilience across our economy, which is a testament to Democrats’ investments in workers, families, and small businesses — the foundation of our economy. Stronger-than-expected GDP growth in the third quarter, which made up for all the losses incurred by the declines in the first and second quarters, reflect confidence in the resilience of the U.S. economy. Service jobs, which were hardest hit by the pandemic, are growing and supply chain bottlenecks are easing.”
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Rebecca Barnabi
