315,000 JOBS ADDED IN AUGUST, JOB GAINS IN JUNE AND JULY REVISED DOWN BY 107,000, JOB CREATORS NETWORK REACTS
Washington, DC (September 2, 2022) – Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 315,000 jobs in August. The unemployment rate rose from 3.5% to 3.7%. The labor force participation (LFPR) rate rose from 62.1% to 62.4%.
Alfredo Ortiz, President and CEO of the Job Creators Network (JCN), released the following statement:
“The US economy added 315,000 jobs in August. However, the job gains in June and July were revised down by 107,000. On the surface, this is a good report but labor is a lagging indicator of a recession. Several large companies including Bed Bath and Beyond and Snap announced layoffs this week. Small business is being hurt by inflation, according to the latest JCN Foundation Small Business IQ Poll. Our poll found that half of small businesses have experienced a negative impact on their bottom line because of inflation. And that was before the President signed the ridiculously-named $739 billion Inflation Reduction Act and signed an illegal order putting taxpayers on the hook for up to $1 trillion in student loan debt. These two actions will send inflation past Jimmy Carter levels and force the Fed to raise interest rates at a time when we’re already in recession. The Job Creators Network Foundation Legal Action Fund is weighing its legal options to block Biden’s student loan bailout because it will hurt our economy and it’s not fair to the untold number of Americans who paid back their college loans or never went to college.” To learn more about JCN’s work against the student loan bailout, click here.