Latest Jobs Data Is Grim Says Small Business Economist

WASHINGTON, Sept. 7. 2012 /PRNewswire-USNewswire/ -- Today, Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), released the following statement in response to the August employment data reported by the U.S. Bureau of Labor Statistics:

"There's no way around the fact that this is a very grim jobs report. Our economy continues to grossly under-perform.

"The payroll survey showed anemic growth of only 96,000 in August, below expectations and far below where we should be in terms of payroll growth during a so-called recovery.

"The news was even worse in terms of the household survey, which showed that employment declined by 119,000 in August. Over the last two months, according to this survey, we've lost 314,000 jobs.  Keep in mind that the household survey better captures start up and small business activity. Clearly, the entrepreneurial sector of our economy continues to suffer.

"In addition, more people are losing jobs, and more people are simply giving up and leaving the workforce.

The labor force dropped by 368,000 in August.

"None of this is surprising given that public policies have been pointed in an anti-growth direction for years now.  America needs a complete turn on the policy front.  We need policies that promote investment, tax and regulatory stability, lower energy and health care costs, global market access, and a sound fiscal course."

For more information please visit SBE Council's website at www.sbecouncil.org. SBE Council is a nonpartisan, nonprofit advocacy, research and training organization that works to protect small business and promote entrepreneurship.

Contact: Raymond J. Keating  
631-909-1122 or 703-242-5840
[email protected]

SOURCE Small Business & Entrepreneurship Council