WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 390,000 jobs were added in May. The overall unemployment rate remained at 3.6% (seasonally adjusted). The unemployment rate for women rose slightly to 3.4%.
Overall, labor force participation edged up slightly to 62.3% from 62.2%. Women’s labor force participation edged up to 58.3%. Both are still below pre-pandemic levels.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at Independent Women’s Forum, issued the following statement:
“The robust jobs market is starting to slow down with weakness in industries propped up by consumer spending, particularly in retail. The economy added less than 400,000 jobs last month, the slowest pace of growth since April of last year. There are over 11 million open positions for Americans to choose from. But finding a job is not the problem, affording life is. A gallon of gasoline costs over $4 a gallon in every state. Inflation is near a 40-year high. Food costs are up 11% from a year ago. Inflation is outrunning paychecks, robbing workers of any pay increases they earn from pay raises or switching jobs.
“The Biden administration has shifted focus to prioritize addressing inflation because it is a top concern for Americans. He touts job gains but ignores real wage losses due to inflation that his signature COVID spending bill has spurred, according to economists.
“Women make the vast majority of household spending decisions and understand intimately that a dollar increase on one good reduces the quantity of another good that her household can afford. It’s time Washington recognizes how excessive federal spending plans – including pushing billions in student loan debt onto taxpayers’ backs – along with a radical climate agenda that punishes the oil and gas industry have fueled prices from the grocery store to the gas pump. They should not inflict more pain on American families by passing any more federal spending bills.
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.
Independent Women’s Forum’s Center for Economic Opportunity (CEO) aims to educate the public about how government policies impact people’s opportunities for economic development and upward mobility.