August 6, 2021
Contact: WisDems Communications (p[email protected])
DPW Statement on July Jobs Report
MADISON Wis. –– According to this morning’s Department of Labor jobs report, the U.S. added 943,000 jobs the month of July, meaning that in the six months since President Joe Biden took office, over 4 million jobs were created. The report comes as jobless claims fell once again to 385,000, yet another sign that the economy and hiring are rebounding under President Biden and thanks to Democrats’ American Rescue Plan.
In Wisconsin, thanks to allocation from Gov. Tony Evers, the American Rescue Plan is providing funds for expanded mental health and substance abuse needs, making critical investments in local tourism, and investing in schools. Local municipalities are also putting the money to work through region-specific initiatives and projects.
In response, Democratic Party of Wisconsin Rapid Response Director Julia Hamelburg issued the following statement:
“On his first day in office, President Biden promised to get shots in arms, checks in pockets, and people back to work. Now, six months later, it’s clear that President Biden and his Democratic colleagues in Congress have delivered on that promise despite steadfast opposition from Republicans at home and in Congress.
“To build on the success of Democrats’ American Rescue Plan, we must continue moving President Biden’s Build Back Better agenda through Congress, including passing the bipartisan infrastructure deal to deliver even more good-paying jobs.”
Recent polling shows that President Biden’s economic plan is wildly popular with the American people and in battleground districts. Here’s a look at the economic progress our country has made thanks to President Biden and Democrats’ leadership:
- The unemployment rate fell to 5.4 percent in July, down from 5.9 percent in June, and the United States has now recovered approximately 75 percent of jobs lost during the pandemic.
- In the past six months, the economy has gone from creating only 60,000 new jobs a month to creating 60,000 jobs roughly every two days. In total, the economy has added a record-shattering four million jobs since the president took office.
- The average number of new unemployment insurance claims has been cut by more than half and small business optimism has returned to its 2019 average.
- Independent projections from the CBO, the IMF, the Federal Reserve, the World Bank, the OECD, and many others all forecast America this year reaching the highest levels of economic growth in nearly four decades.
- The economy has grown at a 6.4 percent annualized rate so far this year—far higher than forecasters had predicted at the end of last year.
- Paychecks are growing at the strongest rate before the pandemic since 2006, as companies are competing for workers and boosting wages as a result.
- New analysis by the Urban Institute estimates that President Biden’s American Rescue Plan will lead to a nearly 45 percent decline in the number of Americans living in poverty this year.
- 90 percent of families with children will get an average tax cut of $4,380 this year, thanks to the American Rescue Plan. The Child Tax Credit could help cut child poverty in half by next year.