Washington, DC (October 14, 2022) – Today, the Commerce Department announced that retail sales were flat in September, staying virtually unchanged at $684 billion. Additionally, the University of Michigan released their preliminary Consumer Sentiment Index for October showing sentiment at 59.8 index points, only 9.8 points above the all-time low reached in June.
“Sixty-one percent of small business owners say we’re in a recession, according to the latest JCN Foundation Small Business IQ poll. Their fears will be amplified by today’s disappointing retail sales report. Retail sales are even worse than the topline number suggests because they don’t account for this historic inflation that is making retail purchases far more expensive and artificially inflating the sales figure. Additionally, consumer sentiment is still nearly half of what it was in the beginning of 2020, according to the University of Michigan report released today.
The reason for this economic mess is simple: the Biden Administration’s record spending and anti-growth policies. There is a solution, however, and JCN is leading the way: Our American Small Business Prosperity Plan is an eight-point roadmap to empower our 90-million-strong small business community. We are pushing the plan as part of our Great Opportunity Project bus tour that includes an event in Stuart, Florida today. We are covering at least five states over two weeks to get our message out. America’s economy is at a crossroads, and JCN is leading the fight to make sure our economic future is better than our present.”
Please click here for the schedule for the Great Opportunity Project bus tour.
Learn more about the American Small Business Prosperity Plan here.
To learn more about JCN’s lawsuit against the student loan bailout, click here.