Ways & Means on July's Jobs Report
Washington, DC, August 6, 2021
Tags: Biden's Economic Crisis
Brady on July Jobs Report: Movement on Closing Biden Jobs Gap Boosted by Ending Unemployment Bonuses President Biden is still nearly 300,000 jobs short of stimulus projections. With the July jobs report showing movement with lower unemployment and revisions upward of past months, Ways and Means Republican Leader Rep. Kevin Brady (R-TX) released the following statement: “Thanks in part to Republican governors removing the Biden work barrier that pays the jobless more to stay home than to work, the July jobs report finally met expectations—although the President’s jobs deficit still remains high at 298,000 and Main Street businesses are still struggling to find workers. “The labor force participation rate still hasn’t improved in 2021, which is a red flag for tepid growth ahead. And while we will get the full data in mid-August, it appears rising prices will continue to beat wage growth for a seventh consecutive month, meaning inflation under President Biden will continue to shrink the purchasing power of families.” Background While pushing his $1.9 trillion so-called “stimulus plan,” President Biden had promised 2.399 million jobs by the end of June based on estimates from Moody’s Analytics. According to the July jobs report, the Biden jobs deficit shows that the President is still 298,000 jobs short. The Bureau of Labor Statistics report on the employment situation for July 2021 showed 5.4 percent unemployment, total payroll employment rose by 943,000, labor force participation little changed at 61.7 percent (it has remained within a narrow range of 61.4 percent to 61.7 percent since June 2020), and average hourly earnings up by 11 cents.