STATEMENT: JOBS REPORT SHOWS BIDEN BOOM NOT SLOWING, UNEMPLOYMENT HITS 50-YEAR LOW

FOR IMMEDIATE RELEASE 
August 5, 2022

Contact: 
Jack Miller, Communications Director
[email protected]

STATEMENT: JOBS REPORT SHOWS BIDEN BOOM NOT SLOWING, UNEMPLOYMENT HITS 50-YEAR LOW

Thanks to American Rescue Plan and Bipartisan Infrastructure Bill, Unemployment Hits 50-Year Low, Wages Increase

WASHINGTON, D.C. — Employers added 528,000 workers in May, according to the jobs report released today by the Labor Department. This number more than doubled the 250,000 increase that economists expected and unemployment fell to below 3.5%, the lowest level in over 50 years.

Invest in America senior adviser Zac Petkanas issued the following statement:

“This jobs report is simply remarkable. The Biden jobs boom continues to shock economists with staggering growth. Thanks to public investments like the American Rescue Plan and the Bipartisan Infrastructure Law, unemployment has hit its lowest point in over 50 years.

“And miraculously, we may soon pass another historic piece of legislation. Thanks to President Biden’s leadership, the Inflation Reduction Act would lower prescription drug costs, lower energy costs, lower health care costs, ensure the wealthiest pay their fair share in taxes, all while creating thousands of clean energy jobs.

“We urge Congress to pass the Inflation Reduction Act without delay, send it to the president’s desk, and keep the Biden jobs boom going.”

About Invest in America

Invest In America is a national rapid response operation advocating for robust public investment to rescue the economy from the COVID crisis and create prosperity for the future, and to fight back against fear-mongers who use deficit concerns as a scapegoat to starve American communities and businesses of resources.

The operation consists of two components: Invest in America, the charitable and public education arm, which is a fiscally sponsored project of Economic Security Project funded by the William and Flora Hewlett Foundation and Economic Security Project co-chair Chris Hughes; and Invest in America Action, the advocacy and social welfare arm, which is a fiscally sponsored project of Economic Security Project Action funded by Chris Hughes and the Omidyar Network.

Learn more at InvestInAmericaNow.com and @InvestNowUSA, and InvestinAmericaProject.com.

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