Dear Friend,

I’m reaching out to give you an update on the current state of our economy. Last week, the Bureau of Labor Statistics released the latest Consumer Price Index, showing that annual inflation has fallen 12 straight months to three percent – the lowest in over two years – while wages are rising. We’ve made this progress while unemployment remains near record lows after hitting a 54-year low this past February.

These are all promising signs that our economic plan is working. In fact, the U.S. has the lowest inflation of any of the world’s largest economies.

It was also recently reported that 209,000 jobs were created in June, meaning we’ve regained all the jobs lost during the pandemic, and created nearly four million more. Additionally, more Americans are joining the labor force; we now have the highest share of working-age Americans in the workforce in over 20 years.

These results aren’t by accident. Last Congress, our Democratic majority made historic investments to lower costs for families, spur job growth, and revitalize our domestic manufacturing capabilities through pieces of legislation like the Inflation Reduction Act, the CHIPS and Science Act, and the Infrastructure Investment and Jobs Act. 

While I’m proud to see these investments are paying off, there’s still more work to be done. I’ll continue working with my colleagues to lower everyday costs and build a resilient economy that works for everyone.

Sincerely,

Bill Foster
Member of Congress