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Thursday, August 25, 2022

Hoyer: ‘Economy Is Proving Resilient’


The US Labor Department released its December 2021 jobs report. For the year, the US economy added an average of 537,000 jobs per month, bringing the unemployment rate to 3.9%, Congressman Steny H. Hoyer noted.

“[The January 7] report from the Bureau of Labor Statistics is further indication that our economic recovery continues to demonstrate strength. More than 6 million jobs have now been created since President Biden took office last January, and with the revisions to past months in today’s report, our economy added an average of 537,000 jobs per month in 2021, bringing our unemployment rate down to just 3.9 percent,” he said.

Rep. Hoyer said that new applications for small businesses are up nearly a third since before the pandemic, and the US has regained 84% of all the jobs lost since March 2020.

“Our economy is growing faster than at any point in the past four decades, and ours is the only major economy in the world that is stronger overall than it was before COVID-19 struck,” he said. “I am excited to see the positive impact on job growth in the months ahead as we begin to see the implementation of the landmark Infrastructure Investment and Jobs Act that President Biden signed a few weeks ago, bipartisan legislation to fund major infrastructure projects and help us transition toward a cleaner-energy economy.”

He acknowledged that while the Omicron variant of COVID-19 continues to present serious challenges, it is clear that the “economy is proving resilient and that the American Rescue Plan helped get millions of people back to work safely with the help of life-saving vaccines and the deployment of additional safety measures in schools and workplaces.”

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For more information about House Majority Leader Steny H. Hoyer, visit his Leader member page.

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