Raymond J. Keating, chief economist for the Small Business & Entrepreneurship Council (SBE Council), issued the following statement on the September jobs data:
"What can be said about the jobs data released on October 8 by the U.S. Bureau of Labor Statistics? Well, it could have been worse, I suppose.
"Make no mistake, the lead of the jobs story remains pretty grim. The establishment-payroll data showed the fourth straight month of declines in employment, with the September loss at 95,000. The numbers from the household survey were a bit more hopeful in showing an employment increase of 141,000. The household survey better captures start up and small business activity.
"But in the end, the employment situation remains ugly. According to the household survey, from its peak in November 2007, the economy has lost 7.1 million jobs. And after climbing for a few months early this year, employment was down in September versus April by 64,000.
"The problem, quite simply, remains grossly misguided public policy. Taxes have been increased, with more hikes threatened. The current White House and congressional leaders are hyper-regulators. Government spending has reached unprecedented levels. Nothing is happening in terms of advancing free trade. And the Federal Reserve is now talking up the idea of raising, rather than fighting, inflation. That's a frightening policy scenario. Why would anyone expect entrepreneurs and investors to create jobs when government is attacking business and the economy on all fronts?"
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