Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 531,000 jobs in October. The unemployment rate fell from 4.8% to 4.6%. The labor force participation rate was unchanged at 61.6% in October and has remained within a narrow range of 61.4% to 61.7% since June 2020. Notable job gains occurred in leisure and hospitality, in professional and business services, in manufacturing, and in transportation and warehousing.
“Job growth remains disappointing, and the reason is clear: The Democrats’ ‘War on Small Business’ is fueling inflation, causing major supply chain disruptions, and exacerbating a record national labor shortage. The elections in Virginia and New Jersey showed that Americans are fed up with the Biden agenda. The Democrats, however, remain in a state of denial. Two days after the election, they moved ahead with a vaccine mandate on small businesses that will cause even further economic damage. That same day, JCN sued the Administration and we will do everything we can to hold the Administration accountable. Democrats in Congress are equally ignorant about the unpopularity of their agenda. Instead of using Tuesday’s elections as a reason to pull back, they are moving full steam ahead with a pair of spending bills that will cost around $3 trillion. Those bills will be paid for, in part, by new taxes on small businesses that will send our economy into the worst stagflation in decades: a redux of the Jimmy Carter Era. The Democrats need to hit the ‘reset’ button: stop the mandates, stop the spending, and let America’s small businesses lead our recovery.”
On Thursday, JCN sued the Biden Administration over the vaccine mandate. To learn more, click here.