WASHINGTON โ Acting US Secretary of Labor Julie Su issued the following statement regarding the October 2023 labor status report.
โToday, the Bureau of Labor Statistics reported that the U.S. economy added 150,000 jobs in October and the unemployment rate was 3.9 percent, marking 21 consecutive months of an unemployment rate below 4 percent. These figures reflect an economy that is growing at a healthy and sustainable pace, with an average monthly gain of 204,000 jobs in the last three months.
โThis jobs report is the latest evidence that President Biden's economic plan is working. A year ago, many thought it would be impossible to maintain historically low levels of unemployment while reducing inflation. Defying expectations, current data shows a steady inflation rate below 4 percent, and the unemployment rate has remained below 4 percent for the longest period in 50 years. In May 2022, President Biden predicted that monthly job creation of 150,000 would be "consistent with a low unemployment rate and a healthy economy." And that is precisely what this jobs report shows, another sign that we are moving into the next phase of our economic recovery.
โPresident Biden is growing the economy from the center out and from the bottom up, not the top down, and he is leaving no one behind. Since President Biden took office, 14 million jobs have been created (expanding opportunities for working families) and wages have increased 4.1 percent over the year. This is also the seventh consecutive month with a record employment rate for working-age women.
โThis report shows strong job gains in the health care and social assistance sectors, and President Biden has made improving the quality of employment for care workers a priority. In April 2023, President Biden issued an Executive Order on Increasing Access to High-Quality Care and Support for Caregivers, which directed federal agencies to undertake the most comprehensive set of executive actions ever issued to improve care for families while supporting care workers and family carers. Just yesterday, the Department of Labor released model employment agreements, which will give care workers more power over their pay and working conditions.
"Good jobs can change lives, and the Biden-Harris administration's focus on improving the quality of employment for all workers continues to drive healthy, stable growth in our economy."
