The average American family spent more than $700 a month on child care as of September, a 32 percent increase from 2019, according to a recent report released by Bank of America.

The cost of child care has risen sharply, forcing some parents out of the workforce to take care of their children, which could weigh on US economic growth. According to the Council for a Strong America, the US economy loses an estimated $122 billion a year when parents leave the workforce or reduce their hours to stay home with their children.