"While the loss of 131,000 jobs in July according to the payroll survey obviously is worrisome, the data from the household survey is even more troubling. The size of the labor force has fallen for three straight months - down by 181,000 in July and by 1.2 million since April. Meanwhile, employment declined by 159,000 in July, and is down by 495,000 since April. Given that the bulk of new jobs come from smaller firms, these numbers indicate a continued dearth of entrepreneurship and small business growth. And due to the formidable tax and regulatory costs being imposed by the federal government, little reason exists to expect a robust recovery in jobs anytime soon."
Friday, August 06, 2010
SBE Council Chief Economist on July Employment Numbers
Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), issued the following statement on the July jobs data: