JEC News:

WASHINTON, D.C. — Sen. Martin Heinrich (D-NM), Chairman of the U.S. Congress Joint Economic Committee (JEC) released the following statement today after the Bureau of Labor Statistics (BLS) reported that prices measured by the Consumer Price Index (CPI) increased 0.1 percent in November.

Data also show that annual prices grew only 3.1 percent over the last year.  

“The economy is looking strong for American families this holiday season. Inflation was low last month, and is down more than 60 percent since its peak last year. Energy prices are falling, which not only helps people’s finances, but is lowering input costs for American businesses.   

“Wages are higher and rising especially for low- and middle- income families. The national average wages and salaries grew by nearly $15,000 between January 2021 and October of this year, outpacing price growth during that period by over $3,500. Data released last week also show that average hourly earnings grew by 4 percent over the past year, outpacing the annual inflation rate.  

“We’re ending the year on a good note, but I know there is more work to be done. I’ll keep working with my colleagues on policies that will build on President Biden’s economic successes in the coming year.”