Chairman Yarmuth: July Jobs Report Shows Slowing Economic Recovery, More Investments Needed
WASHINGTON, D.C. – Today, Kentucky Congressman John Yarmuth, Chairman of the House Budget Committee, released a statement after the Bureau of Labor Statistics reported that while the economy gained 1.8 million jobs in July, the unemployment rate remained above 10%, higher than any point during the Great Recession. The unemployment rate was 14.6% for Black workers and 12.9% for Hispanic workers.
The 1.8 million gain in July follows a loss of 1.4 million jobs in March, a loss of 20.8 million jobs in April, a gain of 2.7 million jobs in May, and a gain of 4.8 million jobs in June—a net loss of nearly 13 million jobs in five months. Many of these job losses are becoming permanent as businesses large and small struggle to stay afloat during the twin crises of a global pandemic and economic downturn.
The House Budget Committee released a report earlier this week underscoring the importance of extending the Unemployment Insurance supplement to protect American lives and livelihoods and move our economic recovery forward.
“The July jobs report is proof that our economic recovery is slowing, and more investments are still urgently needed to get our nation and its people through this crisis,” said Chairman Yarmuth. “Achieving a successful economic recovery is contingent on first containing the virus and keeping Americans safe. Had the White House been able to provide competent, national leadership on the public health crisis, we would be in a much better economic position today. And now, making matters worse, Republicans allowed crucial enhanced unemployment benefits to lapse even as coronavirus cases climbed, putting more and more Americans and their families on the brink of eviction, hunger, and desperation. Our economic future depends on securing a bipartisan agreement that puts workers and families first.”