Prosperity Now

10/07/2024 | Press release | Archived content

Prosperity Now Statement on September Jobs Report: 45 Consecutive Months of Job Growth; Blasting Past Expectations

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For Immediate Release:
October 4, 2024

Contact:
Brad Bauman (202) 520-2155
[email protected]WASHINGTON- The U.S. economy continued its impressive job creation streak, adding 254,000 nonfarm payroll jobs in September, surpassing analyst expectations of 150,000 jobs, according to data released Friday by the Bureau of Labor Statistics (BLS). This marks the 45th consecutive month of job growth, the longest sustained increase since record-keeping began in 1915. The unemployment rate dippedslightly to 4.1%, down from 4.2% last month, signaling increased confidence in the economy, bolstered by last month's interest rate reduction approved by the Federal Reserve Board's Open Markets Committee. Prosperity Now, along with other experts, has advocated for this rate reduction in light of early signs of economic cooling.

Marisa Calderon, President and CEO of Prosperity Now, issued the following statement in response to the latest job numbers:

"Forty-five consecutive months of job growth is a historic and encouraging milestone. The stronger-than-expected job numbers make it clear the Federal Reserve's rate reduction is having a positive effect on economic recovery, particularly in bolstering business investment. We have been calling for this reduction since early August, when we saw signals of slowdown in job creation."

"However, it is critical to recognize that this growth remains uneven. The latest BLS datashows 315 of the 389 metro areas still have higher unemployment rates than they did a year ago. Only 54 areas saw unemployment decline, while 20 areas remained unchanged. This uneven recovery disproportionately affects underserved communities, particularly Black and Latino workers, low-income families, and individuals in rural areas. For far too many Americans, economic stability remains out of reach."

"True economic recovery must be inclusive," Calderon continued. "We need to focus on expanding access to capital, increasing job quality, and addressing the racial wealth gap that persists despite overall job growth. The resilience of our economy depends on ensuring that every community has the tools and opportunities to thrive, and that means crafting policies that go beyond headline numbers and create sustained, equitable prosperity."

Background:

  • In September, the unemployment rate decreased slightly to 4.1% from 4.2% in September. Among major worker groups, unemployment ticked down for Black workers to 5.7% (from 6.2%), but stayed the same for Asian workers at 4.1. Unemployment for Hispanic workers also declined slightly to 5.1% (from 5.5% in August). White unemployment also slightly decreased to 3.6% (from 3.8% in August).

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About Prosperity Now -- Since 1979, Prosperity Nowhas been a persistent voice championing economic opportunity, innovating outside of and beyond existing systems to build power for all communities. We advance racial and ethnic economic justice by investing in bold new ideas, and we work deeply at both the grassroots and national level to impact the entire ecosystem. By setting goals for our economy and following through with targeted approaches based on need, we are equipped to drive forward and cement big structural solutions. Learn more at www.prosperitynow.org.