The Joint Economic Committee released a new report detailing the devastating consequences for families, communities and businesses of failing to act on climate change. Unchecked, the economic and social costs of climate change will continue to compound, harming working families through reduced wages, property loss, and worse health outcomes. In 2020 alone, extreme weather events and climate disasters cost the United States over $100 billion.

“Under Chair Powell and Governor Brainard, the Fed’s decisive action was critical to limiting the economic fallout and jumpstarting the U.S. economic recovery. I applaud President Biden’s announcement to nominate Chair Powell for a second term and to nominate Governor Brainard to serve as the Vice Chair. Their unwavering commitment to ensuring the economic recovery is strong, stable and broadly shared has put us on a path to building back better. I have every confidence in their leadership to capably maintain price stability, steward the U.S. economy to full employment and address the financial risks of the growing threat of climate change.”

Today, U.S. Representative Marie Newman (D-IL-03) and Joint Economic Committee Chairman (JEC) Representative Don Beyer (D-VA-08) released this year’s Third Quarter Worker’s Economy Report, a shortcut guide designed to provide constituents with an understanding of America’s post-pandemic economy. As part of a quarterly series launched earlier this year, today’s new Worker’s Economy report details the economic growth of the past three months that has been propelled by President Biden’s American Rescue Plan and the White House’s national vaccine campaign. Additionally, the report examines how supply chain bottlenecks and an increase in COVID cases among the unvaccinated has affected these economic indicators.

The U.S. job market snapped back in October, with nonfarm payrolls rising more than expected while the unemployment rate fell to 4.6%, the Labor Department reported Friday.