Washington, D.C.—Today, Senator Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC) released the following statement after the Bureau of Labor Statistics (BLS) reported that prices measured by the Consumer Price Index (CPI) increased 0.1% in November. Data also show that annual prices grew only 3.1% over the last year.
“The economy is looking strong for American families this holiday season. Inflation was low last month, and is down more than 60% since its peak last year. Energy prices are falling, which not only helps people’s finances, but is lowering input costs for American businesses.
“Wages are higher and rising especially for low- and middle- income families. The national average wages and salaries grew by nearly $15,000 between January 2021 and October of this year, outpacing price growth during that period by over $3,500. Data released last week also show that average hourly earnings grew by 4% over the past year, outpacing the annual inflation rate.
“We’re ending the year on a good note, but I know there is more work to be done. I’ll keep working with my colleagues on policies that will build on President Biden’s economic successes in the coming year.”
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About Chairman Martin Heinrich
U.S. Senator Martin Heinrich has served the people of New Mexico in the United States Senate since 2012. In addition to his role as Chairman of the U.S. Congress Joint Economic Committee, Heinrich also serves as Chairman of the Subcommittee on Agriculture, Rural Development, and Food and Drug Administration on the Senate Appropriations Committee, and as a member of the Senate Energy and Natural Resources Committee and the Senate Select Committee on Intelligence. Prior to his election to the U.S. Senate, Heinrich served two terms in the U.S. House of Representatives, four years as an Albuquerque City Councilor, as New Mexico’s Natural Resources Trustee, and in AmeriCorps with the U.S. Fish and Wildlife Service.
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.??
