Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 372,000 jobs in June. The unemployment rate held steady at 3.6%. The labor force participation (LFPR)rate fell from 62.3 62.2%. Employment numbers from April and May were revised downward by 74,000. In June, average hourly earnings for all employees on private nonfarm payrolls rose by 10 cents, or 0.3 percent, to $32.08. Over the past 12 months, average hourly earnings have increased by 5.1 percent — well below the inflation rate.
Alfredo Ortiz, President and CEO of the Job Creators Network (JCN), released the following statement:
“President Biden is going to brag about the topline number – 372,000 net job created in June – but if you dig deeper into the numbers, it’s clear the economy is in bad shape. We experienced a month over month slowdown of wage growth. The employment numbers from April and May were revised downward by 74,000. The LFPR remains disastrously low, lower than it was pre-pandemic, and much lower than it was a decade ago. This is why the unemployment rate of 3.6 percent is misleading – it excludes those who can and should be working but have dropped out of the labor force. We are also experiencing the lowest consumer sentiment on record.
“The reason for this disaster is clear: President Biden’s policies, especially his record spending spree which is causing the worst inflation in four decades. Incredibly, Biden and the Democrats are negotiating a package that would spend an additional $500 billion and raise taxes by $1 trillion. They just never learn and small businesses are paying the price – literally.”