In the last two years, the Biden administration and Democrats in Congress have taken historic action to address the climate crisis by increasing investments in the clean energy industry. Investments in the Inflation Reduction Act and the Bipartisan Infrastructure Law have increased the demand for workers who can fill roles in a range of clean energy occupations, from manufacturing workers building wind turbines or solar panels to HVAC installers putting in heat pumps. This need creates an opportunity for millions of Americans to start stable careers they can build a family around that do not require a four-year college degree. In addition, new investments in clean energy infrastructure present an opportunity to more intentionally employ women and people of color in the energy sector and the skilled building trades where they have been historically underrepresented.
Each month, the Bureau of Labor Statistics (BLS) releases national and state-level data on U.S. employment, which provide useful information about the state of the labor market and progress toward building a better America. To highlight key trends in the monthly data, the Joint Economic Committee compiles state-by-state fact sheets for all 50 states, the District of Columbia, and Puerto Rico. The most recent state-level data, which cover the month of August, were released on September 19, 2023. The latest national data were released on September 1, 2023.
Sep 18 2023
Economic Update - September 18, 2023
Sep 15 2023
Hispanic Heritage Month: Celebrating Hispanic Success and Addressing Barriers to Opportunity
Latinos in the United States come from a wide range of backgrounds and contribute significantly to the economies within their home states, cities and towns across the nation. Policies that truly support Hispanics in the U.S. recognize their range of experiences, the contributions they have made, and the challenges many still face in striving for success for themselves, their families, and future generations. From moving the country forward in science, the arts, law and economics, to serving in the U.S. military, promoting labor rights, and working on the front lines of healthcare and essential services, Latino talent, dedication, and determination has helped drive American progress.
The American Rescue Plan, Coronavirus Aid, Relief, and Economic Security (CARES) Act of 2020, and the Coronavirus Response and Relief Supplemental Appropriations Act (CRRSA) of 2021 provided critical support for the child care industry and, by extension, all parents and guardians who rely on it. However much of this funding is expiring at the end of September 2023. Additional long-term funding is needed to increase the wages paid to child care workers, increase the number of child care staff, ensure sufficient child care availability, and reduce the high cost of care for parents who work.
The rapid rise of artificial intelligence (AI) tools has the potential to alter nearly all aspects of society with large but uncertain impacts on the economy and labor market. Generative AI has progressed quickly in the last few years, in particular with the release of ChatGPT, prompting governments to grapple with ways to encourage AI development within the bounds of ethical and national security concerns. AI tools may disrupt several industries from the music industry and copywriting to manufacturing and human resources. Many questions remain around AI, including inaccurate decision-making and algorithmic bias (e.g., facial recognition doing a worse job of identifying black female faces); lack of interpretability; information provenance (e.g., privacy concerns, deep fakes, and misinformation); and supply chain issues. AI may also increase inequality as AI tools consolidate the wealth and dominance of particular companies and individuals.
Sep 11 2023
Economic Update - September 11, 2023
Sep 05 2023
Economic Update - September 5, 2023
Sep 05 2023
The Economic Costs of a Republican Shutdown
A Republican-led government shutdown would have serious impacts on the U.S. economy. It would reduce economic output and harm consumer confidence as many important government functions would shut down due to lack of funds. Americans would face disruptions to important benefits, many private businesses would have to alter their operations, and federal workers across the country would be furloughed and go unpaid. Congress must act to prevent this avoidable harm to the U.S. economy.
