Hoyer: GDP Growth Sign of Economy’s Strength

With the release of the October 2022 jobs report, Rep. Steny H. Hoyer said that the third-quarter US GDP grew by 2.6% – “another clear signal of our economy’s strength.”

“The October jobs report released [November 4] serves as yet another indication that our economy’s growth continues to advance at a steady pace. October saw the creation of another 261,000 American jobs, and our unemployment rate remains low at 3.7%,” the congressman said.

Last month brought the total number of jobs created since President Biden took office in 2021 to well over 10 million – with more than 4 million jobs created so far in 2022 and 5.3 million jobs generated since this time last year. Wages also grew faster last month, improving at the fastest rate since July.

Rep. Hoyer said that Democrats have enacted historic legislation to generate jobs, help American businesses get ahead, and create opportunities for workers and their families to thrive.

“We have also taken steps to support the American people as they contend with the very real challenges associated with inflation.  Last summer we passed the CHIPS and Science Act to help repair and strengthen our broken supply chains that have driven up consumer prices.  Additionally, we enacted the Inflation Reduction Act to bring down Americans’ prescription drug, health care, and energy costs and paid for it all while still reducing the deficit,” he said. “Throughout the past two years, House Democrats have demonstrated our ability to put people over politics to deliver meaningful results.  We will continue to build on that record and progress we have made for the American people in the months and years ahead.”

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