JEC Chairman-Designate Heinrich on March Jobs Report
Washington DC—Today, Senator Martin Heinrich, (D-NM), Chairman-Designate of the U.S. Congress Joint Economic Committee (JEC), released the following statement after the Bureau of Labor Statistics (BLS) reported that nonfarm payroll employment increased by 236,000 in March and the unemployment rate ticked down to 3.5%. The unemployment rate was a record-low 5.0% for Black workers, 4.6% for Hispanic workers, 2.8% for Asian workers, and 7.5% (not seasonally adjusted) for American Indian and Alaska Native workers.
“Today’s jobs numbers showed once again that our economy continues to offer more job opportunities and higher wages. The economy has now added more than 12.6 million jobs since President Biden came into office, and the unemployment rate is down to near historically low levels.
“Recent reports also show that New Mexico has now recovered more jobs than were lost during the first months of the COVID recession, an important milestone on our continued economic recovery.
“While recent bank failures and headlines about tech company job cuts dominate the news cycle, the fundamentals of the U.S. labor market remain strong. Wages continue to rise, especially for lower-income families, and data from February shows that overall layoffs are still at very low levels.
“When the job market is this strong, it means that workers who have often been left behind can finally get ahead. Many employers now must compete to hire staff and...
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