WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 528,000 jobs were added in July. The overall unemployment rate fell to 3.5% (seasonally adjusted) from 3.6%. The unemployment rate for women fell to 3.4%. 

Overall, labor force participation fell to 62.1% from 62.2% in June. Women’s labor force participation marginally rose to 56.9% from 56.8% in June. 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:

“July’s surprising jobs growth is a welcome development but should not be taken as a sign that things are sunny for the American worker. Inflation is also robbing workers of money in their paychecks as wage increases cannot keep up with 9.1% inflation. Many workers can find jobs, but can that income sustain their family in the face of paying over 12% more to put food on the table at home?

“The labor participation rates are essential to hone in on, and there is not much to celebrate. There are 3.4 million fewer workers now than at the start of the pandemic in February 2020. Our active workforce overall and female workforce still have not recovered to pre-pandemic levels. Falling unemployment rates without meaningful increases in labor participation rates may signal that increasingly workers are taking on multiple jobs to make ends meet due to inflation.

“The wrong solution is to dial up inflation by passing a massive tax-and-spend bill, but that is what the Democrats mislabeled Inflation Reduction Act does. It would increase inflation in the short-term and end up raising taxes on workers in virtually every tax bracket, including poor and middle-class families. Inflation is punishing households, and Congress should not punish households further by passing the Inflation Reduction Act.” 

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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.