Small Business Struggles Continue as Producer Price Index Shows Lingering Inflation, Job Creators Network React
Washington, DC (November 15, 2022) – Today, the U.S. Bureau of Labor Statistics released the Producer Price Index report for October, showing an annual increase of 8%.
Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement:
“Today’s Producer Price Index (PPI) shows that inflation is still hitting small businesses just as hard as consumers. Year-over-year, core PPI has increased by 6.7%, reducing the already slim profit margins of small businesses.
“Policymakers can help the Federal Reserve in its fight to reverse inflation by cutting government spending. Last week, JCN won its lawsuit against the Biden administration’s illegal student loan bailout plan, which would have fueled today’s inflationary fire. Pulling our economy out of decades high inflation isn’t a partisan issue. It’s vital to the success of America, and the Biden administration needs to take it seriously.”