Washington, D.C.— Today, House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) issued the following statement after the Labor Department released its October jobs report:
“The October jobs report shows that the economy is shaking off the Delta variant and rapidly progressing toward recovery. Last month our economy beat expectations and added over half a million jobs. At the same time, the unemployment rate fell to 4.6%; it stood at over 6% when President Biden took office. Small firms were a driving force behind this stellar jobs report, with small business dominated sectors like leisure and hospitality leading the way with significant job gains.
“These jobs figures are more proof that President Biden’s economic plan is working. Since the President took office, jobs are up, wages are rising, and small businesses are back. The report also shows that the key to economic recovery is controlling the pandemic. Thanks to the Administration’s public health measures, we are making progress in our fight against the virus. As more people get vaccinated, and the public health effects of COVID lessen, the fortune of small businesses will continue to improve. This jobs report is cause for celebration, but it is not a sign that we’ve reached full recovery. For small businesses to truly recover, we must advance President Biden’s Build Back Better agenda. House Democrats will bring the President’s plan one step closer to actualization when we pass the Build Back Better Act and the Infrastructure Investment and Jobs Act.”