Washington, DC (October 7, 2022) – Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 263,000 jobs in September. The unemployment rate decreased from 3.7% to 3.5%. The labor force participation (LFPR) rate was little changed from 62.4% to 62.3%.
Alfredo Ortiz, President and CEO of the Job Creators Network (JCN), released the following statement:
“Today’s jobs numbers show America’s labor market continues to cool, and it reveals that workers’ real wages continue to significantly decline, reducing living standards. A majority of small business owners believe we’re already in recession, according to the latest JCN Foundation Small Business IQ Poll. And that was before the Federal Reserve raised interest rates by 75 basis points at their last meeting. The Fed will continue to raise rates to clamp down on ‘Bidenflation,’ deepening the recession. The reason for this disaster is clear: Biden’s record spending spree and anti-growth policies. Thankfully, there is a path to recovery: JCN’s ‘American Small Business Prosperity Plan,’ an eight-point roadmap for the next Congress that has been endorsed by House Republican Leader Kevin McCarthy, Newt Gingrich, and many other influencers. Our plan empowers small businesses by making the Tax Cuts and Jobs Act permanent, unleashing domestic energy production, exempting small businesses from new regulations, expanding access to capital for small businesses, and other common-sense ideas that both parties can support. We encourage every congressional member to sign it.”