Press ReleaseJune 7, 2024

Job Creators Network Reacts to May Jobs Report

Alfredo Ortiz, CEO of Job Creators Network, released the following statement in response to the May jobs report, which showed the unemployment rate increased to 4% and the labor force participation rate fell to 62.5%:

“President Biden’s bad economy is reflected by the weak May jobs numbers. Ignore the topline establishment survey number that has shown it cannot be trusted. A new Bloomberg Economics report finds monthly job gains were overstated by 730,000 last year, and constant downward revisions mean this establishment number is essentially meaningless. Instead, focus on the report’s more accurate household survey. That shows the economy lost a massive 408,000 jobs last month. The unemployment rate increased and the labor force participation rate fell.”

“Even taking the topline establishment figure at face value, approximately half of the new jobs created were in the unproductive government or quasi-government healthcare and social services sectors of the economy. These jobs don’t generate real economic growth and increase living standards. Meanwhile, real wages remain stagnant, as persistent inflation makes it impossible for workers to get ahead. 

“The only way to reinvigorate the American economy and labor market is by pursuing sensible economic policies that get the government out of the way of small businesses. That means electing conservative candidates on Election Day.”