WASHINGTON – The U.S. Performing Secretary of Labor Julie Su issued the next assertion on the October 2023 Employment Scenario report.
“As we speak, the Bureau of Labor Statistics reported that the American economic system added 150,000 jobs in October, and the unemployment price was 3.9 p.c, marking 21 straight months of a jobless price beneath 4 p.c. These numbers mirror an economic system that’s rising at a wholesome and sustainable tempo, with a mean month-to-month acquire of 204,000 jobs over the previous three months.
“This jobs report is the newest proof that President Biden’s financial plan is working. A yr in the past, many thought it will be not possible to take care of traditionally low ranges of unemployment whereas additionally bringing inflation down. Defying expectations, the present information present a gentle price of inflation beneath 4 p.c, and the jobless price has remained beneath 4 p.c for the longest stretch of time in 50 years. In Could of 2022, President Biden predicted month-to-month job creation of 150,000 can be ‘according to a low unemployment price and a wholesome economic system.’ And that’s exactly what this jobs report reveals, one other signal that we’re shifting into the subsequent part of our financial restoration.
“President Biden is rising the economic system from the center out and the underside up, not the highest down, and leaves nobody behind. Since President Biden took workplace, 14 million jobs have been added – increasing alternative for working households – and wages have grown 4.1 p.c over the yr. That is additionally the seventh month in a row with a record-high employment price for prime-age ladies.
“This report reveals robust job features within the well being care and social help sectors, and President Biden has made enhancing job high quality for care staff a precedence. In April 2023, President Biden issued an Government Order on Rising Entry to Excessive-High quality Care and Supporting Caregivers, which directed federal companies to undertake probably the most complete set of govt actions ever issued to enhance take care of households whereas supporting care staff and household caregivers. Simply yesterday, the Division of Labor unveiled pattern employment agreements, which can put extra energy in care staff’ palms on their price of pay and dealing situations.
“Good jobs can change lives, and the Biden-Harris administration’s concentrate on enhancing job high quality for all staff continues to gasoline our economic system’s wholesome and secure development.”