Press ReleaseOctober 6, 2023

Jobs Numbers Show Real Wages Are Falling

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement on the September jobs report, which showed 336,000 jobs were created last month, and the unemployment rate and labor force participation rate remained unchanged at 3.8% and 62.8%, respectively:

“Today’s jobs report reveals average real wages declined over the last year compared to core inflation. Over the course of President Biden’s term, real wages have significantly dropped as Bidenflation exceeds average wage growth. This fall in living standards is hurting ordinary American families and small businesses who are getting poorer and are forced to make sacrifices. More broadly, today’s topline job numbers and previous months’ revisions mean small businesses will soon face even higher interest rates, exacerbating the credit crunch they are already facing. Small businesses are paying double-digit interest rates on loans if they can get them at all. This is preventing them from getting the capital they need to survive and thrive. To finally reduce Bidenflation, allow the Federal Reserve to reduce interest rates, and get real wages rising again, Congress should pass legislation that advances Job Creators Network’s American Small Business Prosperity Plan, an eight-step pro-growth policy playbook that puts small businesses and ordinary Americans first.”