Chairman Yarmuth on November Jobs Report

Dec 2, 2022

WASHINGTON, DC – 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 263,000 in November and the unemployment rate held steady at 3.7 percent:   

 

“Today’s jobs report shows 23 months of consecutive job growth and more than 10.5 million jobs created since President Biden took office. With Democrats at the helm, this Congressional session was historically productive — enabling us to come back from the pandemic stronger than ever and make extraordinary progress building an economy that works for working families, not just those at the top,” said Chairman Yarmuth.  

 

“From the American Rescue Plan that enabled our record-breaking recovery from COVID and the Bipartisan Infrastructure Law that revitalized our infrastructure, to the CHIPS bill that made major investments in America’s economic competitiveness and the Inflation Reduction Act that lowered costs for working families: Democrats have shown that when we’re in charge, Congress gets things done — and every community in America benefits.” 

 

Numbers of Note: 

 

  • The U.S. economy added 263,000 jobs in November 2022. Three-month average job growth is now at 272,000 jobs a month. Since President Biden took office, more than 10.5 million jobs have been created.  
  • The unemployment rate stayed flat at 3.7 percent, near historic lows. The unemployment rate is below projections from January 2021, prior to the passage of the American Rescue Plan. 
  • Our economy has more than recovered all the jobs lost during the pandemic, a rapid recovery given the depth of the COVID recession.  
  • Much of the job growth this month was driven by an increase of 88,000 jobs in leisure and hospitality, 82,000 jobs in education services, 68,000 in health care and social assistance, and 42,000 in government. 
  • Despite gains over the last year, workers have dropped out of the labor force at high rate, due to early retirements, health concerns related to COVID-19, and lack of available childcare, among other reasons. 

 

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Issues: 
Labor, Inflation Reduction Act, American Rescue Plan