News: Unemployment is at its Lowest Level in 54 years
February 3, 2023
Today, the U.S. Department of Labor’s Bureau of Labor Statistics released the monthly Jobs Report which shows the unemployment rate has dropped to 3.4% with more than a half million jobs created in January and 800,000 manufacturing jobs created in the last two years.
“President Biden’s economic plan is working,” said Commerce Secretary Raimondo. “When President Biden took office, the unemployment rate was 6.3%. Today, it is just 3.4%. That’s the lowest in 54 years.”
Also last month, the Commerce Department’s Bureau of Economic Analysis reported Gross Domestic Product (GDP) grew at 2.9% for the last quarter of 2022 and that real wages were higher last month than they were seven months ago.
“Last quarter, we experienced strong growth in GDP, consumer spending, and disposable income,” said Raimondo. “We have more work to do, but we’re building a strong economy that works for all Americans.”
https://www.commerce.gov/news/blog/2023/02/news-unemployment-its-lowest-level-54-years