JOBS REPORT, WEAK 2014 GROWTH SHOWS AMERICAN ECONOMY IS STUCK
(ATLANTA, GA) – The chief executives of Job Creators Network today said the January unemployment report darkened the bigger picture of yet another anemic year for economic recovery. And it’s this bigger picture that should be the main concern for policymakers, the CEOs say.
“Last week, we learned the economy grew at just 2.4 percent last year,” said Sergio’s Restaurants CEO Carlos Gazitua. “While that’s unpleasantly average for this rocky recovery, it is well behind the more robust recoveries we’ve experienced after prior recessions.”
The Wall Street Journal revealed Friday that cumulative growth five years into the current expansion is just 13.6 percent, well behind the last four post-recession recoveries. It’s also less than half of the five-year cumulative growth following the last severe recession in 1982.
“Big bouncebacks should follow bad recessions,” Gazitua said. “Today’s unemployment report reminded us that our economic growth is stuck in a new normal of low expectations.”
The monthly US Bureau of Labor Statistics report showed 257,000 new jobs created in January and an unemployment rate of 5.7 percent.
Noting the failure of the official statistics to account for millions of Americans who don’t have work and have given up looking, Gallup polling organization CEO Jim Clifton last week called the official unemployment rate “the Big Lie.” He also noted that the number of full time jobs as a percent of the total population is the lowest it has ever been.
“There are far too many examples demonstrating why these sluggish growth numbers persist – like the National Labor Relations Board trying to destroy the franchise business model that has encouraged small entrepreneurs to create 18 million jobs,” Gazitua said. “Washington policymakers need to come together, address critical issues like the NLRB and stop impeding job creation.”
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Job Creators Network (JCN) is the voice of real job creators that has been missing from the debate on jobs and our economic crisis. JCN members talk about paychecks, not politics, helping the public and policymakers understand how to create jobs. For more information please visit www.JobCreatorsNetwork.com.