Rising Wages and Historic Small Business Growth Add to Strong American Economy

The Labor Department’s Bureau of Labor Statistics reported that consumer prices dropped 0.1% in June, with core inflation being the lowest in more than three years. In addition, BLS reported that the U.S. economy added 206,000 jobs in June, exceeding expectations. In total, a record 15.7 million jobs have been created under President Biden.

“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.”

BLS also reported that wages for all employees increased 0.5 percent in June and more Americans are joining the workforce, with the highest share of working-age Americans in the workforce in more than 20 years.

Small business growth also continues to be a major contributor to the American economy with a record-breaking 5.5 million new business applications filed in 2023 alone, making it the strongest year of new business applications on record and the third consecutive year of historic small business growth. Small business growth has been particularly strong among Black and Hispanic entrepreneurs, with Black business ownership doubling and Hispanic business ownership up 40% since 2019. 

GDP also remains strong. The Commerce Department’s Bureau of Economic Analysis (BEA) recently released Gross Domestic Product by State and Personal Income by State reporting an increase in GDP in 39 states and the District of Columbia and an increase in personal income in all 50 states and the District of Columbia.

GDP for the Nation increased at an annual rate of 1.4 percent in the first quarter of 2024 according to the "third" estimate released last month by BEA. This report also included estimates of GDP by industry—a measure of an industry's contribution to GDP—with the construction industry as a leading contributor increasing in 46 states and the District of Columbia.

In October of 2022, Commerce Secretary Gina Raimondo announced the Million Women in Construction initiative, a nationwide call to action for the construction industry – construction contractors, trade unions, and training institutions – to commit to bold steps that will ensure a robust and diverse workforce in the years ahead. 

“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 the trades,” said Secretary Raimondo.

As part of his economic agenda, President Biden is committed to creating more American jobs and an economy that works for all Americans. For more information, see President Biden’s recent statements on June’s Consumer Price Index and Jobs Report.

By the Numbers is a series that showcases the latest economic indicators and how they impact the American economy.