WASHINGTON, D.C. — Today, the Bureau of Labor Statistics announced that 187,000 jobs were added in July, falling short of expectations. The unemployment rate ticked down to 3.5% (seasonally adjusted) from 3.6%, and the number of unemployed persons remained little changed at 5.8 million. The labor force participation remained unchanged at 62.6%.
For women:
- The unemployment rate for adult women remained unchanged at 3.1%.
- The unemployment rate fell to 5.2% from 5.4% for adult black women and ticked down to 4% from 4.1% for Hispanic women.
- Women’s labor force participation ticked up to 58.7%, still below its pre-pandemic level.
Patrice Onwuka, director of the Center for Economic Opportunity (CEO) at Independent Women’s Forum, issued the following statement:
“The labor market is sour for many workers and souring for others. Downward revisions of job growth from the past two months coupled with missed expectations this month signal a slowdown in hiring compared to the first half of 2023 and a sharp drop off from the 400,000 jobs average monthly growth in 2022. This translates to workers not easily finding new jobs if they get laid off or want to boost their pay.
“President Biden credits Bidenomics for today’s economy so that means he owns elevated inflation, rising gas prices, and slowing jobs growth. Manufacturing lost jobs last month despite the White House’s emphasis on made-in-America.
“This jobs report has little for the president to be proud of and underscores why so many Americans have lost trust in his economic agenda and leadership. Just 37% of Americans approve of President Biden’s handling of the economy, according to new CNN polling. Even fewer approve (30%) of his handling of inflation. Biden’s key legislative wins namely the American Rescue Plan and the Inflation Reduction Act, spiked inflation and have failed to bring it back down. Massive, reckless spending needlessly expanded government and left Americans with less money and with fewer opportunities.”
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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.