(DALLAS, TX) – The CEOs of Job Creators Network said yet another disappointing jobs report shows even more Americans gave up hope getting a job in February. According to the business advocacy group, so many workers have dropped out that the monthly measurement is meaningless.
“The most important thing we learn from the monthly unemployment report is that we can no longer rely on these reports,” CaptiveAire Systems CEO Robert Luddy said. “Six million Americans have given up hope of ever getting a job. If those workers were counted as unemployed, the rate would be more like 10%. The labor force participation rate is at it’s lowest level since Jimmy Carter.”
The February jobs report released this morning by the U.S. Bureau of Labor Statistics showed a hike in the unemployment rate – to 6.7 percent from 6.6 percent in January. The labor force participation rate remained at 63 percent in February, still at the lowest point since 1977.
“Rampant borrowing and spending, and the corporate mandates of the new healthcare law, have created an economy where it is difficult to create jobs.” Luddy said. “The real solution to our unemployment problem is less government spending, more private investment and fundamental relief from the healthcare law for business.”
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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.