261,000 JOBS ADDED IN OCTOBER, UNEMPLOYMENT RATE RISES TO 3.7%, JOB CREATORS NETWORK REACTS
Washington, D.C. (November 4, 2022)–Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 261,000 jobs in October. The unemployment rate rose from 3.5% to 3.7%. The labor force participation (LFPR) rate fell from 62.3% to 62.2%.
Alfredo Ortiz, President and CEO of the Job Creators Network (JCN), released the following statement:
“While President Biden and the Democrats will trumpet today’s jobs report, it reveals real wages are plummeting and the unemployment rate is rising. These negative indicators are in line with what we are hearing in our Job Creators Network Foundation Small Business Intelligence Quotient (SBIQ) poll that shows three out of five small business owners believe the country is in recession. They are the ones on the frontlines and are experiencing the retraction first. They have been forced to raise prices because of the Democrats’ record spending spree and anti-growth policies. Indeed, our poll found that a majority of small business owners believe that if Republicans do well in the midterms it will help small businesses. The economy is the reason Democrats are sweating ahead of Election Day and continue to try to distract from it. Voters will make their voices heard on Tuesday. Then the hard work begins when a new Republican Congress will have the power to mitigate the Administration’s worst policies. JCN will turbocharge our push for the ‘American Small Business Prosperity Plan’ as the best way to revitalize our economy.”
Learn more at SmallBusinessProsperityPlan