Groundwork’s Bilal Baydoun Reacts to May Jobs Report: “Forty straight months of job growth doesn’t happen by accident”

Groundwork’s Bilal Baydoun Reacts to May Jobs Report: “Forty straight months of job growth doesn’t happen by accident”

Today, the Bureau of Labor Statistics released the May jobs report which showed that the U.S. economy added 272,000 jobs and the unemployment rate ticked up to 4.0%. Groundwork Collaborative’s Director of Policy and Research Bilal Baydoun reacted with the following statement:

“As today’s jobs report shows, our economy is stronger when workers can get ahead. Forty straight months of job growth doesn’t happen by accident.

“We can thank strong, sound public investments in the workers who drive our economy for this progress.”

Email press@groundworkcollaborative.org to speak with one of Groundwork’s experts about the role of corporate power in high prices.

BACKGROUND

• Nearly three years of a growing, robust labor market have led to historically low layoff rates and reduced wage inequality, giving families more job security.
• However, the strength of the labor market is at risk as the Fed continues to keep interest rates high. While job growth remains strong, the unemployment rate ticked up and job openings have slowed.
• In the pre-pandemic labor market, the employment gap between white and Black workers was persistently too high and wage growth was too slow. A healthy economy should provide equitable access to well-paying jobs and ensure everyone benefits from prosperity. We should aim to go beyond the pre-pandemic economy.
• The Federal Reserve’s misguided higher-for-longer approach to rates risks a sudden rise in unemployment. Beyond the labor market, the Fed’s approach worsens our affordability crisis by raising housing costs and making loans for cars, credit cards, and college more costly.