Today, 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 315,000 in August and the unemployment rate remained below 2021 projections even as more workers reentered the labor force:
"The August job numbers underscore Democrats' success building an economy that puts working families first," said Chairman Yarmuth. "With 315,000 new jobs created in August -- and 9.7 million jobs created since January 2021 -- our legislative accomplishments are resulting in strong and steady job growth and our economic recovery continues to be the envy of other advanced economies.
"Now, with the enactment of the Inflation Reduction Act and the CHIPS and Science Act, America will build on this momentum. We will manufacture the technologies of the future here in the United States, continue fueling record job creation, and increase opportunities for workers across the country," Yarmuth continued. "Democrats are lowering costs for families and growing our economy, while Congressional Republicans are plotting to raise taxes on working Americans and put Social Security and Medicare on the chopping block. The contrasting visions for the future of American families could not be more clear or stark."
Numbers of note:
The economy has more than recovered all the jobs lost during the pandemic. Men have regained all the jobs lost in the crisis and women have nearly reached the pre-pandemic high in job levels.
The U.S. economy added a strong 315,000 jobs in August 2022. Three-month average job growth is now at 378,000 jobs a month. Since January 2021, 9.7 million jobs have been created.
The unemployment rate increased slightly to 3.7 percent. Unemployment levels are below projections from earlier 2021 and are effectively at full employment levels. Some of the increase this month was driven by workers returning to the labor force.
Racial disparities persist, with Black men and Black women facing unemployment rates nearly twice as high as their white counterparts.
Total payrolls have recovered past February 2020 levels, a fast recovery given the depth of the recession.
Much of August's job growth was driven by an increase of jobs in education services, business and professional services, health care and social assistance, retail trade, and leisure and hospitality.