Groundwork Previews October Jobs Report

Groundwork Previews October Jobs Report

Kitty Richards: “Our strong labor market is catalyzing a wave of labor actions across the country”

Ahead of tomorrow’s release of the October Jobs Report from the Bureau of Labor Statistics, Groundwork’s Acting Executive Director Kitty Richards released the following statement:

“The strong jobs numbers we’ve witnessed over the past two years, and those anticipated this Friday, underscore the undeniable strength and resiliency of our economy. Unemployment has been below 4% for 20 consecutive months, wages are rising, and our economy continues to grow, as reflected in last quarter’s impressive GDP figures.

“Our strong labor market is also catalyzing a wave of labor actions across the country and major victories for workers, including the deal struck between UAW and the auto companies just this week. These announcements are very good news not just for auto workers, but for all Americans fighting for better-paying jobs, better working conditions, and more economic security for their families.

“But it’s important to remember that even as income and wealth for working families are growing, many people are still struggling to pay for child care and rent, pay down their student debt, and keep their families fed. To build a more just and inclusive economy, we must continue to invest in housing, child care, and other critical programs that make our economy and our communities stronger.”

Email press@groundworkcollaborative.org to speak with Kitty Richards about Friday’s jobs report and how we can maintain this positive momentum for workers.

BACKGROUND

• Unemployment has consistently hovered near historic lows since early 2022, buoyed by robust public investments that made the COVID-19 recession the shortest on record.

• The labor force participation rate for mothers with children under five hit record highs this year. However, this progress is fragile as child care prices continue to rise and pandemic-era child care stabilization funds have expired. Without long-term investments in child care, parents will be forced back out of the labor market, which would slow economic growth and erode economic security.

• The strong labor market has inspired a wave of strikes and labor activity across the U.S., with over 360,000 workers going on strike in 2023. This labor activity, like the tentative agreements the United Auto Workers have with automakers, is driving up wages for non-union workers as well.
• The Black unemployment rate serves as a key indicator for the health of the labor market since Black workers are the first to lose their jobs at the onset of a downturn. Last month, the Black unemployment rate rose to 5.7%, an uptick from April’s record-low 4.4%. While Black unemployment remains at historically low levels, the Black unemployment rate was more than 50% higher than the white unemployment rate last month.