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The U.S. Labor Department’s Bureau of Labor Statistics (BLS) says owing to investments provided by the Bipartisan Infrastructure Law, CHIPS and Science Act, and Inflation Reduction Act, over 700,000 new manufacturing jobs have been created and over $910 billion in private manufacturing investments have been announced nationwide in the industries of the future.
It announced that the U.S. economy added over 250,000 new jobs in September – exceeding expectations.
Said BLS , in a statement on Thursday, to mark the U.S.Manufacturing Day,: “To date, 16 million jobs have been created under the Biden-Harris Administration.
In addition, the U.S. economy remains strong with an increase in real GDP and a rise in wages and consumer spending. Unemployment is down to 4.1% the lowest average unemployment in 50 years.
The Biden-Harris Administration’s committed to revitalizing American manufacturing.
In addition to today’s jobs numbers, real gross domestic product (GDP) increased at an annual rate of 3.0 percent in the second quarter of 2024 according to the “third” estimate released last month by the Commerce Department’s Bureau of Economic Analysis (BEA).
These estimates reflect an increase in consumer spending and personal income.
Americans continue to make more with personal income increasing $315.7 billion in the second quarter, an upward revision of $82.1 billion from the previous estimate. Wages also continue to rise.
The latest estimates from BLS, show that real average hourly earnings for all workers increased 0.2 percent from July to August and increased 1.3 percent from August 2023 to August 2024.