Washington, DC – Today, the Labor Department announced that the economy is underperforming with respect to creating new jobs. Currently, the US economy has 7.6 million fewer workers than it did in February of 2020, and the number of jobs added in May again missed its mark by nearly 150,000 jobs. The economy added 559,000 jobs in May, which fell short of the 650,000 economists were expecting.
This report comes on the heels of last month’s disappointing job numbers – the economy added only 266,000 jobs in April compared to the expected one million jobs that were expected as states continue to reopen. Republicans in Congress who have been critical of the additional $300 per week unemployment benefits spoke out Friday, as did AMAC Action President Bob Carlstrom, who said:
Paying Americans to stay at home and not work has real consequences, which are reflected in the most recent jobs report. AMAC Action stands with members of Congress who are focused on providing predictability to small businesses as America recovers from this pandemic, and now clearly is not the time to raise taxes on America’s job creators. Congress should instead explore ways to get more Americans back to work by phasing out the unneeded extra unemployment benefits in a responsible way.
The economy continues to move towards recovery as some service sectors saw stronger gains than the overall unemployment picture would suggest. Even still, the threat of higher taxes, inflation, and a generous unemployment benefit continue to put the economy on unsteady footing. Please stay tuned to AMAC Action for more updates on the economy and Congress as they happen.
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