January Jobs Report: Still no Significant Growth
(Washington, D.C.) – Today the Bureau of Labor Statistics released the unemployment report for the month of January. The data show that the U.S. created far fewer jobs than expected, increasing nervousness in the markets. And while the overall national unemployment rate fell slightly, unemployment among Hispanics rose again – from 8.3% to 8.4%, increasing the gap between Hispanics and the national rate. Coming on the heels of an extremely disappointing December – in which just 75,000 jobs were created – today’s report raises concerns that the economy is indeed, slowing. The current “recovery” in its fifth year – a long interval, according to historic patterns.
In November, 2007 – at the economy’s peak – there were 121.9 million full time workers in the United States. Today there are fewer than 118 million – meaning more than 4 million jobs have been lost. While the economic data remain disappointing overall, one bright spot continues to be jobs related to oil and gas production, which have climbed to their highest level since 1986.
Daniel Garza, Executive Director of The LIBRE Initiative released the following statement:
“In his State of the Union Address, the President vowed to make wage inequality a focus of his Administration now that he is in his sixth year in the White House. But this jobs report is a painful reminder that the first and most important goal has to be job creation and strong private sector growth. Millions of Americans are trapped in long-term unemployment. Latinos and young people are finding it harder – not easier – to get a job at all. The Administration says that they can make the economy fairer with more regulation and more government interference. But all too often this government interference stifles growth, stifles innovation, and kills jobs. That’s the last thing that millions of struggling families need.”