05/03/2024 | Press release | Distributed by Public on 05/03/2024 10:07
WASHINGTON, D.C. - Today, the Bureau of Labor Statistics (BLS) released its jobs report for April 2024, which showed 175,000 new jobs were created in April, down from 315,000 in March.
Chairman Arrington Statement of April Jobs Report:
House Budget Committee Chairman Jodey Arrington (R-TX) responds to the worsening job numbers:
"It's no surprise that the job market has slowed, adding 140,000 less jobs in April than the previous month. President Biden's and Congressional Democrats' fiscal policies and reckless spending have stalled the economy. Inflation is on the rise, GDP growth is significantly lower than expected, and consumer confidence is at the lowest it has been since July 2022. Sadly, this has become the new normal for millions of American families."
What Today's Report Showed:
• 175,000 jobs were added in April, down from 315,000 in March.
• The unemployment rate rose to 3.9 percent, with 6.5 million people unemployed. This is up from a 3.8 percent unemployment rate in March, with 6.4 million people unemployed.
• The labor force participation rate remained at 62.7 percent in April, the same rate as in March.
Plummeting Cosumer Confidence:
The economy under President Biden is on a downward spiral.
Just last month, the Conference Board released its report on Consumer Confidence for April 2024, which showed that consumer confidence at the lowest level since July. 2022.
Stubborn Inflation Cause by Biden's Spending:
The Biden Administration's reckless tax and spending spree is to directly to blame for stubborn inflation. Each percentage-point increase in inflation acts as a stealth tax on American families, eroding their hard-earned income and hindering their ability to save for the future. This isn't just poor fiscal policy-it's fiscal irresponsibility on an epic scale.
Stagnant GDP Growth:
According to the Bureau of Economic Analysis (BEA), gross domestic product (GDP), is the value of the goods and services produced by the nation's economy. GDP is equal to the sum of personal consumption expenditures, gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment.
The Bottom Line:
The House Budget Committee is sounding the alarm on the dire economic indicators emerging under the current administration, which illustrates the failure of its fiscal policies. Both House Budget Committee members and taxpayers are deeply concerned by the troubling trends in consumer confidence, stubbornly high inflation, and sluggish GDP growth, signaling a clear mismanagement of the economic stewardship of our country.
More on the Economy from the House Budget Committee: