Richmond, VA — Today, in response to the U.S. Department of Labor’s announcement that nonfarm payrolls increased by 943,000 jobs in July, DPVA Chair Susan Swecker released the following statement:
“Today’s job report is further evidence that President Biden and Democrats’ economic plan to build back better from the bottom up and the middle out is working. Millions of Americans are getting back to work, and working families right here in Virginia are seeing the results — no thanks to Republicans who tried to stand in the way.
“Each passing day, it becomes more clear that Democrats are providing the stable leadership our country — and our economy — needs. While we have made historic progress, we must pass President Biden’s jobs and infrastructure plan to invest in America’s future and ensure we are well-positioned to win the 21st century.”
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.