DFL Party Statement on July’s Strong Jobs Report
DFL Party Chairman Ken Martin released the following statement after the U.S. Department of Labor announced the creation of 943,000 jobs in July:
“With almost a million jobs created in July, it is clear that President Biden and the Democrats’ economic plan is working. President Biden’s American Rescue Plan, which was passed without a single Republican vote, is putting shots in arms, cutting taxes for working and middle-class families, and getting folks back to work.”
“To continue our recovery and build on this historic progress, Congress must pass President Biden’s Infrastructure Investment and Jobs Act. The American people overwhelmingly support these investments in the future of our nation, which will help create good paying jobs, combat climate change, and invest in communities across Minnesota and across America.”
Here’s a look at the economic progress our country has made thanks to President Biden and Democrats’ leadership:
- The unemployment rate fell to 5.4 percent in July, down from 5.9 percent in June, and the United States has now recovered approximately 75 percent of jobs lost during the pandemic.
- In the past six months, the economy has gone from creating only 60,000 new jobs a month to creating 60,000 jobs roughly every two days. In total, the economy has added a record-shattering four million jobs since the president took office.
- The average number of new unemployment insurance claims has been cut by more than half and small business optimism has returned to its 2019 average.
- Independent projections from the CBO, the IMF, the Federal Reserve, the World Bank, the OECD, and many others all forecast America this year reaching the highest levels of economic growth in nearly four decades.
- The economy has grown at a 6.4% annualized rate so far this year—far higher than forecasters had predicted at the end of last year.
- Paychecks are growing at the strongest rate before the pandemic since 2006, as companies are competing for workers and boosting wages as a result.
- New analysis by the Urban Institute estimates that President Biden’s American Rescue Plan will lead to a nearly 45% decline in the number of Americans living in poverty this year.
- 90 percent of families with children will get an average tax cut of $4,380 this year, thanks to the American Rescue Plan. The Child Tax Credit could help cut child poverty in half by next year.