Washington, DC (December 22, 2022) — Today the Commerce Department revised its Q3 GDP growth estimate from 2.9% to 3.2%. Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement:
“Today’s revised Q3 GDP estimate does not reflect the on-the-ground reality facing small businesses and ordinary Americans who are facing historic inflation and still in the recessionary environment that characterized the first six months of the year. A more realistic indicator of the current economy was recently provided by the Federal Reserve Bank of Philadelphia, which revealed the Bureau of Labor Statistics overestimated Q2 job creation by some one million jobs. The Philly Fed’s report suggests that this year’s main positive economic indicator — monthly job creation — has been wildly inflated. The disconnect between the official economic numbers and what Americans are actually feeling has never been greater.