Washington, D.C.— Today, Rep. Nydia M. Velázquez (D-NY), Ranking Member of the House Small Business Committee, issued the following statement after the Labor Department released its January jobs report showing that non-farm payroll employment increased by 517,000, the unemployment rate fell to 3.4%, and the prime-age employment rate rose to 80.2%:
“Today’s jobs report smashed expectations, showing that the economy added over 500,000 jobs and unemployment is at its lowest level since 1969. Wages are rising, small businesses are creating jobs, and more Americans are getting back to work. In case there was any doubt, this is not an economy in recession. The Congressional Democrats and the Biden administrations economic agenda continues to deliver for working families and small businesses. Under President Biden, the economy has created 12 million jobs in just two years- more than any other President created in four.
“This economy is strong and resilient. Unfortunately, the policies put forward by Congressional Republicans put our economy and American livelihoods at risk. Republican plans to target Social Security and Medicare, threaten debt default, and repeal the cost saving provisions in the Inflation Reduction Act would jeopardize all the progress that we’ve made. Democrats will not stop fighting to protect the economic gains Americans and small business owners have made over the past two years while continuing to move our economy forward.”