Jobs Report Shows Labor Market Cooling and Real Wages Stagnating

Alfredo Ortiz, president and CEO of Job Creators Network, released the following statement in response to the November jobs report, which shows 199,000 jobs were created last month, the unemployment rate fell to 3.7%, and the labor force participation rate increased to 62.8%.

“The labor market continues to soften with job creation last month coming in well below the recent average and a disproportionate share of job creation in unproductive government jobs yet again. Real wages continue to stagnate, growing at the same rate as core inflation following significant declines in the first two years of Biden’s presidency. As usual, job creation in recent months was revised down. Nearly one million more Americans are unemployed since April.

“The poor economy is a result of Bidenomics, which is merely a euphemism for big government. As a result, ordinary Americans are facing a difficult Christmas season, and small business sentiment is at a record low, according to JCN’s latest SBIQ national poll of small businesses. President Biden is the Grinch who stole Christmas.”