Groundwork’s Rakeen Mabud Previews July Jobs Report

Groundwork’s Rakeen Mabud Previews July Jobs Report

Ahead of tomorrow’s Jobs Report from the Bureau of Labor Statistics, Groundwork’s Chief Economist Dr. Rakeen Mabud released the following statement:

“Robust public investments have powered our economy coming out of the pandemic and delivered one of the best labor markets in decades.

“Policymakers must continue to build on the strength of the job market by doubling down on critical investments to empower workers and create an economy where everyone can thrive.”

Email press@groundworkcollaborative.org to speak with Dr. Mabud about the strength of our labor market, what it took to get there, and how it can be sustained.

BACKGROUND

• Due to robust investment, the U.S. labor market recovered all the jobs lost during the pandemic recession, or 22.2 million jobs in a mere 28 months. By comparison, it took 75 months – more than six years – to climb out of the Great Recession.
• This rapid job growth over the last two years has led to record-low rates of unemployment for Hispanic and Latino workers and Black workers. Low-wage workers experienced faster wage growth than those at the higher end of the income distribution during this period.
• But these gains are fragile – the Black unemployment rate has ticked up over the last two months as a result of the Federal Reserve’s relentless rate hiking campaign.