WASHINGTON, D.C. — This morning, the Bureau of Labor Statistics announced that 531,000 jobs were added in October. The overall unemployment rate fell 0.2 percentage points to 4.6%. The unemployment rate for women rose to 4.7% in October as fewer women left the labor force last month.
Patrice Onwuka, director of the Center for Economic Opportunity at Independent Women’s Forum, issued the following statement:
“Seventy-one percent of Americans recently responded that they believe that the country is on the wrong track — and for good reason. Perhaps this better than expected jobs report offers a glimpse of hope.
“It’s good news that slightly more than expected jobs were created in October, but the economy is still not what it should be for the American people. Weak economic growth, weak job creation, and weak expectations have been the hallmark of this administration’s economy. The only strong economic force is inflation. Rising prices are not ‘transitory’ or a ‘high class’ problem as the administration claims. Increased costs at the grocery store and the gas pump and higher home heating bills consume increasingly more household incomes. This is driving down real wages for hardworking middle-class and working-poor families, forcing those living on fixed budgets to make ends meet with fewer dollars.
“Massive federal spending incentivized workers to remain on the sidelines of the workforce driving inflation. That may be starting to change. It’s illogical that the Left is bent on passing the sweeping $1.75 trillion Build Back Better Act which broadly hands out cash to households and new paid leave benefits with no expectation of work. An engaged workforce is key to invigorating the recovery, slowing inflation, and returning to normal, not a partisan spending spree.”
Independent Women’s Forum is dedicated to developing and advancing policies that aren’t just well intended, but actually enhance people’s freedom, choices, and opportunities.