Chairman Yarmuth on November Jobs Report
Washington, D.C.— Today, after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 210,000 in November and unemployment dipped to a pandemic-low of 4.2 percent, Kentucky Representative John Yarmuth, Chair of the House Budget Committee, released the following statement:
“Under the leadership of President Biden and Congressional Democrats, unemployment has dropped two full percentage points since January 2021 to its lowest level since the pandemic began and nearly 6 million jobs have been added back to our economy in that time.
“Make no mistake – this growth was not inevitable. Before the American Rescue Plan, our recovery was not projected to reach this milestone until at least 2024. Clearly, we have made tremendous progress in a short period of time, and we aren’t going to slow down now.
“With the enactment of the Build Back Better Act, we can build on this momentum, creating millions more good-paying jobs, cutting costs for American families, investing in a clean-energy economy, and ensuring a stronger future for generations to come.”
The chart below shows how, with the help of the American Rescue Plan, our recovery has outpaced employment projections:
Other highlights from the November jobs report include:
- Since the Biden administration took office, 6 million jobs have been created, an average of 588,000 jobs per month. This is a record for a new president.
- The unemployment rate decreased to 4.2 percent in November.
- Much of the job growth this month was driven by an increase of 90,000 jobs in business and professional services, 31,000 in construction and 23,000 in leisure and hospitality.
Other signs of economic progress visible in the following charts:
- Nominal wages continue to rise
- Initial unemployment claims have almost fallen to pre-2020 levels
- Unemployment continues to fall and is now at 4.2 percent
- GDP growth is on track to return to pre-pandemic projections
- Consumer spending is fueling the recovery