Today, the U.S. Department of Labor released its monthly jobs report. The US economy added 850,000 jobs in June and the unemployment rate rose from 5.8% to 5.9%. The labor force participation rate (LFPR) was unchanged at 61.6% in June and has remained within a narrow range of 61.4% to 61.7% since June 2020. The main sectors of growth were leisure and hospitality, public and private education, professional and business services, retail trade, and other services.
“We had a pandemic induced recession, and now thanks to Operation Warp Speed we are experiencing a vaccine induced recovery, but the Biden administration has its foot on the brakes with the continued unemployment benefits. Twenty-six states are withdrawing early from President Biden’s unemployment bonus program, and the early results are predictable: Those 26 states have experienced a 12.7% decline in initial jobless claims, according to the Foundation for Government Accountability. Meanwhile, the other 24 states that remain in Biden’s programs saw a 1.6% increase in initial claims.
“Only 9% of small business owners are fully recovered from the pandemic, according to the latest JCN Foundation poll. While small business optimism is trending up, they are growing more concerned about taxes and inflation. Biden’s record spending spree is fueling inflation and the Republican Senators who signed onto Biden’s $1.2 trillion infrastructure deal are only making the problem worse. We must be united against Biden’s anti-growth policies.
“If President Biden and Congress want to do something constructive, they should quickly pass legislation to fund the Restaurant Revitalization Fund that is set to expire on July 14. SBA was able to provide grants to 105,000 restaurant operators before the program was depleted. However, another 265,000 applicants did not receive funding. Without additional money, these 265,000 restaurants will be put into jeopardy.”
On June 25, the Job Creators Network Foundation released the data from its June Monthly Monitor poll of 500 small business owners. View the polling details and cross tabs here.
In April, JCN released a backgrounder, “Biden and the Democrats’ War on Small Business.” The backgrounder summarizes the Democrats’ job-killing agenda in four areas: taxes, the minimum wage, lockdowns, and the PRO Act. To read it, click here.