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Tuesday, July 20, 2010

SBE Council Chief Economist on State Employment Data

Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), issued the following statement on today's June jobs data for the states:

"The Bureau of Labor Statistics reports that state unemployment rates were generally lower in June. But the employment story actually remains quite grim. The key reason for lower unemployment rates was the decline in states' labor forces. That is, people dropping out of the labor market. In fact, in June, 48 states and the District of Columbia experienced declines in seasonally adjust labor forces compared to May, with only Alabama and Montana growing.

"Let's be clear. Across the nation, discouraged workers and nonexistent job creation is all about a federal policy environment that is completely hostile to entrepreneurship, business and investment. So long as the policy agenda focuses on more government spending, increased taxes, and expanded regulation, under-performing or nonexistent economic growth and job creation will persist."

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