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 216,000 in December and the unemployment rate was unchanged at 3.7%. The unemployment rate was 5.2% for Black workers, 5.0% for Hispanic workers, 3.5% for white workers, 3.1% for Asian workers, and 5.9% (not seasonally adjusted) for American Indian and Alaska Native workers.
“We ended the year with a strong economy, hitting 35 consecutive months of job growth. Our economy has gained over 14 million jobs under President Biden – the fastest job growth in history. Workers and families continue to see the benefits of a strong labor market as wages continue to increase, especially for low-income families, and have outpaced inflation in recent months.
“The American economy exceeded expectations and avoided a recession in 2023. This new year, I’ll keep working with President Biden and my colleagues in Congress to build on that progress with more policies that create jobs, increase wages, and lower inflation in New Mexico and across the country.”
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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.
