U.S. Reps. Marie Newman (D-IL) and Don Beyer (D-VA), chair of the Joint Economic Committee, released the Worker’s Economy Report for the third quarter, which details economic growth over the past three months.
The Worker’s Economy Report, a new quarterly release, examines various economic indicators that relate to working families, such as job growth, retail sales, unemployment claims, new business formation, and the overall GDP.
“From job growth in nearly every major industry to unemployment claims at a pandemic-era record low, this first-of-its-kind report details real economic indicators that matter most for how our workers and communities are faring, not just those at the top of the income ladder,” Newman said. “With the passage of President Biden’s bipartisan Infrastructure Investment and Jobs Act as well as the incredible progress on the Build Back Better Act in Congress, I look forward to building on this quarter’s economic success by cutting taxes for working families, reducing household costs, and making critical investments in paid leave so that more Americans can return to the workforce.”
In the third quarter, the economy was fueled by the American Rescue Plan as well as the White House’s national vaccine campaign. It points out that since President Joe Biden took office, the nation has created more than 5 million jobs, the average number of people newly filing for unemployment has declined by nearly 70 percent, and the U.S. economy is now bigger than it was before the pandemic.
“As our nation recovers from the worst recession since the Great Depression, which is not without its challenges, we can see in this report how evidence-based investments in workers, communities, and state and local governments—like those in the American Rescue Plan—are crucial to growing the economy and building economic resilience,” Beyer said. “On the heels of passing the bipartisan Infrastructure Investment and Jobs Act, and with incredible progress toward passing the Build Back Better Act, I look forward to partnering on future iterations of this report to demonstrate how these transformational investments are delivering a more inclusive economy.”
The report also examined how supply chain bottlenecks and an increase in COVID cases among the unvaccinated has affected these economic indicators, particularly consumer prices. It added that the recent passage of the Infrastructure Investment and Jobs Act, along with the passage of the Build Back Better Act in the House, will reduce household costs, decrease inflationary pressures long-term, address supply chain problems, and raise worker wages.