The Labor Department’s Bureau of Labor Statistics reported a 0.1% drop in consumer prices for June, marking the lowest core inflation rate in over three years. Additionally, the U.S. economy added 206,000 jobs in June, surpassing expectations and bringing the total number of jobs created under President Biden to a record 15.7 million.
“The Consumer Price Index report shows falling prices for cars, appliances, airfares, and groceries. This is good news for the American consumer,” said Commerce Secretary Gina Raimondo. “With 15.7 million jobs created under President Biden, America’s economy remains the strongest in the world.”
The BLS also noted a 0.5 percent increase in wages for all employees in June and reported that more Americans are joining the workforce, with the highest share of working-age Americans participating in over two decades.
Small business growth continues to significantly contribute to the American economy with a record-breaking 5.5 million new business applications filed in 2023 alone. This marks the strongest year on record for new business applications and represents the third consecutive year of historic small business growth. Notably, Black and Hispanic entrepreneurs have seen substantial increases in ownership since 2019; Black business ownership has doubled while Hispanic business ownership has risen by 40%.
The Commerce Department’s Bureau of Economic Analysis (BEA) recently released data indicating an increase in GDP across 39 states and the District of Columbia as well as an increase in personal income across all 50 states and D.C. Nationally, GDP increased at an annual rate of 1.4 percent during Q1 of 2024 according to BEA's "third" estimate released last month.
The construction industry emerged as a leading contributor to GDP growth, showing increases across 46 states and D.C., following Commerce Secretary Gina Raimondo's October 2022 announcement of the Million Women in Construction initiative—a call to action aimed at ensuring a robust and diverse workforce within the construction sector.
“President Biden’s Investing in America agenda is creating a construction boom all over the country, and with that boom comes a huge increase in jobs and opportunities for workers in construction and trades,” said Secretary Raimondo.
As part of his economic agenda, President Biden remains committed to creating more American jobs and fostering an inclusive economy.
By the Numbers is a series showcasing recent economic indicators impacting the American economy.
