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 nonfarm payroll employment increased by 114,000 in July and the unemployment rate rose to 4.3%. The unemployment rate was 6.3% for Black workers, 5.3% for Hispanic workers, 3.8% for white workers, 3.7% for Asian workers, and 9.8% (not seasonally adjusted) for American Indian and Alaska Native workers.

“Let me be clear: We have added nearly 16 million jobs under the Biden-Harris administration. That is a big deal. While the pace of hiring may have slowed in recent months, we have still seen massive job growth and a strong economy, thanks to the transformative investments Democrats have delivered. 

“But higher interest rates are unnecessarily squeezing families and pushing up unemployment. Inflation is falling, so there is no reason to keep interest rates artificially high. The Fed must cut interest rates. It’s that simple.”

###