U.S. Senator Martin Heinrich, Chairman of the U.S. Congress Joint Economic Committee (JEC), has commented on the Bureau of Economic Analysis (BEA) report that shows real third-quarter gross domestic product (GDP) expanded by 4.9% on an annual basis. Senator Heinrich highlights the higher than expected economic growth, which was led by consumer spending, investment, and government spending. He credits the success of the economy to smart economic policies promoted by the Biden administration and Democrats in Congress. However, he cautions against higher interest rates in the future, as they could hinder borrowing and investment in clean energy production, housing supply, and U.S. manufacturing. Senator Heinrich's goal is to ensure economic stability, peace of mind, and security for families in New Mexico and across the country.
Senator Heinrich also commented on the October jobs report, which showed an increase of 150,000 in nonfarm payroll employment and a slight rise in the unemployment rate to 3.9%. He praised the job growth and rising wages, attributing it to the efforts of the Biden administration and Democrats in Congress. He also highlighted President Biden's announcement of $5 billion in investments to create economic opportunities in rural America. Senator Heinrich emphasized the importance of ensuring that no community or family is left behind and expressed his commitment to working for economic growth and development in New Mexico. [e18859f2] [87712d53]