Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 379,000 jobs in February, the unemployment rate fell from 6.3% to 6.2, and the LFPR remained at 61.4%. In February 2020, 273,000 jobs were added, the unemployment rate was 3.5%, and LFPR was 63.4%.
“The contrast between the February 2020 and 2021 numbers is thanks to Blue State governors keeping their economies and schools closed,” said Alfredo Ortiz, President and CEO of the Job Creators Network (JCN). “The LFPR numbers are especially alarming, with women remaining out of the labor force. The disappointing LFPR numbers highlights the importance of reopening the economy nationwide. Returning to pre-pandemic prosperity will no doubt be led by our small businesses – so long as the effort to drastically increase their labor costs is thwarted. President Biden and the Democrats in Congress are so determined to raise the minimum wage to $15 an hour that they are likely bringing it to a vote today in the Senate even though the parliamentarian has already ruled that it cannot be included in the stimulus bill. The stimulus bill itself is a $1.9 trillion boondoggle that will do almost nothing to help the small business community. Speaker Pelosi touted a letter of 300 small business leaders who support the stimulus bill, but JCN by itself was able to recruit 700 small business leaders to sign a letter opposing it. We don’t need a $1.9 trillion explosion in government spending. Instead, we should be reopening society as Governors like Doug Ducey, Greg Abbott, and Ron DeSantis are doing so that small business owners can get back to what they do best, creating jobs. Every Senator should vote ‘no’ on the stimulus bill and any minimum wage amendment Bernie Sanders attempts to drop at the last minute. This is ‘gut-check time’ for so-called ‘moderates’ like Joe Manchin, Kyrsten Sinema, and Jon Tester. We will be watching closely.”
On Wednesday, JCN released a letter signed by over 700 small business leaders against the stimulus bill vs Pelosi’s 300 in support of it. To learn more, click here.