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Hispanic Jobs Report Analysis

February 2, 2024

The Bureau of Labor and Statistics released its latest Employment Situation report showing, among other things, that nonfarm payrolls grew by 353,000 in January while unemployment rate held steady at 3.7%.

The LIBRE Initiative, a national organization committed to empowering the Latino community and supporting pro-growth economic policies issued a statement and analysis following the latest jobs report.

Isabel Soto, policy director for The LIBRE Initiative, released the following statement:

January appears to have started off strong with high job growth. This month’s report shows an increase in 353,000 jobs. Putting aside potential downward revisions, this is still a large increase. Just as, if not more, surprising was the high average earnings growth which is sure to catch the attention of the Fed. Looking to Hispanic numbers, unemployment remains unchanged at 5 percent and labor force participation also remains largely unchanged.

It’s great to see strong job growth leading into this year, but Biden administration decisions could kill any momentum for 2024. From multiple rule changes at the Department of Labor, that would hurt workers and small businesses to the export authorization pause of liquefied natural gas, it seems the Biden Administration is prepared to tank any potential for growth.