Press ReleaseMay 3, 2024

Job Creators Network Reacts to April Jobs Report

Alfredo Ortiz, CEO of Job Creators Network, released the following statement on the April Jobs Report, which showed 175,000 jobs were created, the unemployment rate rose to 3.9%, and the labor force participation rate held at 62.7%:

“Today’s jobs report confirms the economy is reentering stagflation. Only 175,000 jobs were created last month, well below the recent average and expectations. More than half of new jobs were created in the unproductive government and quasi-government healthcare and social services sectors that don’t provide growth. Average wages grew at a slower rate than inflation, meaning real wages and living standards are declining. Finally, the labor market indicators are reflecting the broader reality facing small businesses due to bad Democrat policies such as overspending, overregulation, and a lack of access to credit. According to JCNF’s latest SBIQ poll, two-thirds of small businesses are pausing hiring. Combined with slow economic growth and resurgent inflation, these jobs numbers suggest stagflation has returned.”