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JEC Chairman Don Beyer: Job Growth Under President Biden Has “blown all expectations out of the water”; “GDP growth is the strongest it’s been in nearly 40 years”

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From Rep. Don Beyer (D-VA08), Chairman of the U.S. Congress Joint Economic Committee (JEC), on this morning’s report which finds that “job growth [has] blown all expectations out of the water…GDP growth is the strongest it’s been in nearly 40 years, and it’s outpacing every other major economy.” Great job by President Joe Biden and Democrats in Congress in helping rescue us from the deep, pandemic-induced recession we experienced in 2020. Now, it’s time for US voters to give them credit and to vote “blue” this November!

JEC Chairman Beyer on February Jobs Day Data

Today, Congressman Don Beyer (D-VA), Chairman of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 678,000 in February and the unemployment rate declined to 3.8%. The unemployment rate was 6.6% for Black workers, 4.4% for Hispanic workers, 3.1% for Asian workers and 7.4% (not seasonally adjusted) for American Indian and Alaska Native workers. 

“During his first year in office, President Biden oversaw most jobs created in a single year, and surging job growth continued into February 2022. With 678,000 more jobs added—exceeding all expectations—the total number of jobs created under the current administration now stands at 7.4 million.  

Not only has job growth blown all expectations out of the water, but GDP growth is the strongest it’s been in nearly 40 years, and it’s outpacing every other major economy. Wages are rising—particularly among low-income workers—and unemployment is falling rapidly. It took nine years after the Great Recession for unemployment to recover as much as it has in just two years post-coronavirus recession. 

The speed and strength of this recovery reflects strong leadership and investments in families, workers and small businesses to address the pandemic and get our economy roaring again. 

Yet even as today’s data continue to show robust progress, global price spikes are straining household budgets and depriving workers of the full benefits of wage gains. President Biden announced the path forward to Building a Better America, and the most effective tools at Congress’ disposal to reduce inflationary pressure and promote broadly shared growth are investments that lower household costs for families and boost productivity. 

Workers and families have made it through an unprecedented economic challenge. We in Congress must answer this call.” 

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About Congressman Beyer  

Congressman Don Beyer is currently serving his fourth term in the U.S. House of Representatives, representing Northern Virginia suburbs of the nation’s capital. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Beyer serves on the House Committee on Ways and Means and the House Committee on Science, Space and Technology, where he chairs the Subcommittee on Space and Aeronautics. Previously, Beyer served as the Lieutenant Governor of Virginia and Ambassador to Switzerland, and built a successful family business over the course of four decades.  

About the U.S. Congress Joint Economic Committee  

The U.S. Congress Joint Economic Committee is Congress’s bicameral economic think tank. It was created when Congress passed the Employment Act of 1946. Under this Act, Congress established two advisory panels: the President’s Council of Economic Advisers (CEA) and the JEC. Their primary tasks are to review economic conditions and to recommend improvements in economic policy. Chairmanship of the JEC alternates between the Senate and House every Congress.  

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