The Department of Labor revealed the number of first-time unemployment claims was 293,000 last week. Additionally, the Bureau of Labor Statistics revealed that the Producer Price Index has increased by 8.6 percent for the 12 months ended in September.
“President Biden can say that inflation is transitory and that ‘we’re making real progress,’ but those delusions don’t match reality. Last week Biden touted the worst jobs report of the year, under 200,000 jobs created, as progress. This week we have nearly 300,000 new unemployment claims. Since August, our own Monthly Monitor poll of small businesses found that small business optimism has dropped 12 points while concerns about inflation hit more than 32%. There’s no denying the facts Joe, in a 12 month period the Consumer Price Index increased to 5.4% and the Producer Price Index increased to 8.6%. The numbers don’t lie, both businesses and customers are paying more as a result of inflation. This will only be exacerbated by the massive government spending bills currently being pushed by Democrats. The Biden Administration’s war on small business is not ramping down and it’s clear that Americans are paying the price.”
The Job Creators Network Foundation recently released its September Monthly Monitor poll. You can see the finding here.