Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 559,000 jobs in May and the unemployment rate fell from 6.1% to 5.8%. The labor force participation rate (LFPR) was little changed at 61.6% in May and has remained within a narrow range of 61.4% to 61.7%. The main sectors of growth were leisure and hospitality, public and private education, and health care and social assistance.
“Once again, the job report is below expectations and the LFPR has been stagnant for almost a year because people are being paid to stay home instead of rejoining the workforce. We need to be creating about one million jobs per month in order to get employment levels back to where they were pre-Covid by the end of this year. Needless to say, we’re nowhere close to that number – and the blame squarely belongs on President Biden. Instead of pushing for an additional $4 trillion in spending, Biden should acknowledge his mistake and ask Congress to rescind the overly-generous jobless benefits. That is the single best thing he could do to recharge our recovery.”
In March, RealClearPolitics published Mr. Ortiz’s op-ed, Biden’s Presidency Is the Modern Version of Jimmy Carter’s. To read it, click here.
In April, JCN released a backgrounder, “Biden and the Democrats’ War on Small Business.” The backgrounder summarizes the Democrats’ job-killing agenda in four areas: taxes, the minimum wage, lockdowns, and the PRO Act. To read it, click here.