Prosperity Now Statement on May Jobs Report: Hot Jobs Report May Hide Double-Edged Sword for Low-Income Families

WASHINGTON – The U.S. economy added 272,000 nonfarm payroll jobs in May, far outpacing economists’ expectations of 180,000 jobs, according to data released Friday by the Bureau of Labor Statistics. The unemployment rate rose marginally to 4.0% (from 3.9%). The following is a statement from Marisa Calderon, president and CEO of Prosperity Now:

“We are always pleased when our economy far outperforms expectations on the hiring front, but low-income families and communities are facing a double-edged sword that negatively impacts their prosperity. Stubbornly high interest and inflation should bring about an immediate discussion between elected officials and the private sector about how to bring relief for communities.

“Specifically, in the next six months, public policy makers at all levels should be laser focused on lowering housing costs for buyers and renters, right sizing our tax system to work for families and communities and continuing to create good jobs, especially for households of color.”