WASHINGTON – Acting U.S. Secretary of Labor Julie A. Su issued the following statement on the July 2023 Employment Situation report:
“Today, the Bureau of Labor Statistics reported that the American economy added 187,000 jobs in the month of July — and added an average of 218,000 jobs per month over the past three months — continuing the steady and stable growth that is bringing economic security to workers and families across the country. The unemployment rate ticked down to 3.5 percent, continuing the longest period of under 4-percent unemployment in over 50 years. Healthcare, social assistance, construction, and financial activities all gained jobs in July.
“This jobs report is the latest evidence that the Biden-Harris administration’s Investing in America agenda is expanding pathways to the middle class and leaving no one behind. The solid job market continues to deliver employment and earnings opportunities for our growing workforce, with average hourly earnings increasing 4.4 percent over the year and with the share of working-age Americans who have jobs at a 20-year high. For the fifth straight month, the labor force participation rate sits at 62.6 percent — a sign of the labor market staying on course and navigating changes to the makeup of our working population.
“Bidenomics is growing our economy from the middle out and the bottom up — not the top down. With 13.4 million jobs added since President Biden took office, this progress continues the sustained economic growth that benefits working families and moves our economy toward the next phase of recovery. The American people are feeling the results of this stable and strong economy in their everyday lives — whether it be at the grocery store or the gas pump, or at places like hair and nail salons — where they feel more confident spending money again. This administration will continue to work to ensure that equitable growth powers economic gains for all working families.”