Job Creators Network Statement on July Jobs Report

Alfredo Ortiz, CEO of Job Creators Network, released the following statement in response to the July jobs report, which showed 23,000 jobs lost last month, the unemployment rate fall to 4.1%, and the labor force participation rate fall to 61.4%:

“The job loss in the American economy needs to be viewed through the lens that the nation’s labor market is already at full employment, so we shouldn’t expect the big gains of previous years. Thanks to the Trump administration’s policy, the border is finally sealed, and almost everyone who wants a job can get one. The unemployment rate is a historically low 4.1%, and the number of people seeking jobs has declined this spring and summer. Artificial intelligence is also allowing small businesses, America’s job creation engine, to do more with the same resources, helping them compete against their larger competitors.

“That said, today’s jobs numbers should take talk of a Federal Reserve interest rate hike wholly off the table and start conversation of a rate cut, especially as gas prices and inflation moderate with the conclusion of the Iran War.”