Groundwork’s Bilal Baydoun Reacts to February Jobs Report

Groundwork’s Bilal Baydoun Reacts to February Jobs Report: “Our economy draws its strength from the American worker, not corporations and shareholders”

Today, the Bureau of Labor Statistics released the February jobs report which shows that our economy added 275,000 jobs last month and unemployment ticked up to 3.9%, a dramatic improvement in job growth and stability compared to the period following the Great Recession. Groundwork Collaborative’s Director of Policy and Research Bilal Baydoun reacted with the following statement:

“Our economy works best when public investment empowers workers and workers have more leverage to pursue higher wages and power our economy forward. That’s what is showing up in the strong jobs data.”

“As corporate America continues its rip-off tour of price gouging and profit hoarding, it’s clearer than ever that our economy draws its strength from the American worker, not corporations and shareholders.“

Email press@groundworkcollaborative.org to speak with one of Groundwork’s experts about today’s jobs report.

Background

• Twenty-five straight months of unemployment below 4% is a tremendous achievement many economists did not think was possible. This strength means workers still have leverage with employers, leading to higher wages and better working conditions.
• Powered by strong public investment, workers have carried our economic recovery forward. By prioritizing worker interests, the Biden Administration has led a historic economic recovery and continues to stand up for labor priorities, as demonstrated by the Federal Trade Commission using the impact on workers to justify blocking the Kroger-Albertsons merger.
• But this achievement can’t be taken for granted, especially if the Fed keeps interest rates high. Despite a rapid slowdown in rising prices over the last 19 months and Chair Powell stating he no longer wants to see a slowdown in the labor market, the Fed still has not cut interest rates. The data makes it clear that we never had to sacrifice jobs for lower inflation.
• The biggest risk to the economy is a sudden spike in unemployment precipitated by the Fed’s high interest rates. Beyond the labor market, the Fed’s position threatens to stifle people’s ability to buy a home or afford rent, and cuts into workers’ earnings by making borrowing for cars, credit cards, and college more expensive.