SBE Council Chief Economist on July Employment Data

Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), issued the following statement regarding the July 2009 jobs numbers:

“The best that can be said about the July jobs report is that it was less bad than in recent months. The rate of job losses is slowing, but a decline of 247,000 in nonfarm payrolls is in no way good news. And while the unemployment rate declined ever so slightly – from 9.5% in June to 9.4% in July – that reflects, unfortunately, a notable decline in labor force participation.

“Clearly, the rate of decline in the economy is slowing. But keep in mind that an economic recovery and a jobs recovery ultimately will be all about small businesses. Unfortunately, all of the policy measures coming out of our nation’s capital, and in many state capitals as well, have been negatives for entrepreneurs, small businesses and investors – namely, bigger government crowding out the private sector, and the imposition or threat of higher taxes and increased regulation – thereby making the recession deeper and longer than otherwise would be the case, and serving to restrain recovery once it starts.”