WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 315,000 jobs were added in August. The overall unemployment rate rose to 3.7% (seasonally adjusted) from 3.5%. The unemployment rate for women rose to 3.5%. The unemployment rate for blacks and Hispanics jumped significantly from 6.0% and 3.9% to 6.4% and 4.5%, respectively.
Overall, labor force participation rose 0.3 percentage points to 62.4%. Women’s labor force participation ticked up to 57.1% from 56.9%. 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:
“Trouble is brewing in our labor market. The economy added fewer jobs and previous months’ growth have significantly been revised down. Layoffs and hiring freezes are staking up just as women and workers are still being squeezed financially by rising prices. President Joe Biden touts job growth but ignores falling real wages. Credit card debt is rising, but savings rates are down. Even those quitting in search of new positions are doing so to outrun 40-year-high inflation.
“Now is not the time for divisive White House rhetoric that paints half the nation as a ‘clear and present danger’ to our Republic. They don’t want to be gaslighted on how great the economy is when they can’t afford groceries and utilities. Americans are looking for true leaders who are laser-focused on the health of family budgets, abundance of job opportunities, and flexible work arrangements to meet their changing needs.”
###
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.