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With the upward revisions in today’s report, the average monthly gain over the quarter is 562,000 jobs per month. Getting under the hood of the report a bit: As you know, at the Council of Economic Advisers, we’re careful to not over-interpret one month of data, and therefore we always cite the three-month average, which in this case is the first quarter of this year. We have - in one of the most welcome trends we at CEA are seeing in the job market - increased labor force participation, and we have strong wage growth, particularly for middle- and lower-paid workers. We’ve got an historically unprent- unprecedented run, with data back to 1939, of 11 months in a row with job gains north of 400,000, yielding an also unprecedented 7.9 million jobs since President Biden took office. Today we learned that we’ve got an unemployment rate of 3.6 percent, a tick above its pre-pandemic rate of 3.5. And the historically strong labor market we see in today’s jobs report is a testament to not just the President’s correct diagnosis and prescription, but his insistence that the plan be quickly and efficiently implemented to get COVID and economic relief - shots in arms and checks in pockets - into the system. That intervention became the American Rescue Plan. In the first conversation I had with the President when he was a candidate, he explained his view that we faced a dual health and economic crisis, and that we could not attack one without attacking both. Today’s jobs report provides yet another indicator that, as the President said this morning, quote, “our economy has gone from being on the mend to being on the move.” And then we will do a briefing as long as we can before the President departs. Okay, on my first day back, I am delivering Jared Bernstein to all of you, who we are thrilled to have to give some brief remarks on the economic news today and answer some questions. Get Involved Show submenu for “Get Involved””.

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