SBA Administrator Carranza's Statement on January 2020 Jobs Report
WASHINGTON, Feb. 7, 2020 /PRNewswire/ -- U.S. Small Business Administration Administrator Jovita Carranza today issued the following statement in response to the Bureau of Labor Statistics' Employment Situation Summary for January. According to the just-released report, 225,000 new jobs were created in January, and the unemployment rate rose slightly to 3.6 percent due to the labor force participation rate increased to 63.4%. The report comes on the heels of two reports released this week indicating new U.S. jobless claims fell by 15,000 to 202,000 – a 50-year low – while private payrolls soared by 291,000 in January, the largest gain in nearly five years. Administrator Carranza said:
"Today's jobs report is welcome news for America's 30 million small businesses. Small businesses are investing, expanding, and creating new jobs, and more underrepresented Americans are experiencing upward economic mobility as a result. Income inequality is shrinking and wages are rising fastest among workers who have historically been left behind, including low-income women, African Americans and Latinos. Small businesses remain extraordinarily optimistic about the future, in large part because of this Administration's success in lowering the cost of taxes and regulations, opening up new export markets, and advancing innovative solutions on healthcare and workforce development. Today's news is affirmation that the President's policies are benefitting small businesses and helping more Americans climb the economic ladder."
About the U.S. Small Business Administration
The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Contact: [email protected], (202) 205-7036
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Release Number: 20-16
SOURCE U.S. Small Business Administration
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