MORE STAGNANT NEWS: Chairman Arrington Reacts to October Jobs Report
WASHINGTON, D.C. – Today, House Budget Committee Chairman Jodey Arrington (R-TX) issued the following statement after the Bureau of Labor Statistics (BLS) released its Jobs Report for October 2023, which showed slowed job growth and an uptick in the unemployment rate:
“This has become the new normal for hardworking families under President Biden – slow growth, declining wages, and a lack of meaningful employment opportunities. President Biden’s FY2024 budget proposes the highest sustained levels of spending, taxing, and borrowing in American history, demonstrating to all of us that this Administration is either incapable, or unwilling, to make the economy work for the American people.
The only way to truly reverse Biden’s trend of rising unemployment and underwhelming job growth is to stop the unbridled spending, taxing, and regulating that is crushing our job creators, consumers, and the American economy. The House Budget Committee has shown the path forward to restoring opportunity and prosperity for the American people when we passed our Reverse the Curse budget resolution. We must restore fiscal responsibility, renew economic freedom, and rein-in Washington’s wasteful spending.”
The report, released on this morning, showed:
• 150,000 total jobs added in October, according to the Establishment Survey, down from 297,000 jobs added in September.
• According to the Household Survey, employment declined by 348,000 jobs in October, compared to just 86,000 added in September.
• The labor force participation rate fell to 62.7 percent, compared to 62.8 percent last month.
• Since April, the number of unemployed individuals has risen by almost 1 million.
• A downward revision of job growth over the past two months of 101,000 jobs.