Rep. Kevin Brady (R-TX), Chairman of the Joint Economic Committee, today said that the Bureau of Labor Statistics (BLS) report that the economy added 204,000 nonfarm payroll jobs and 212,000 private sector jobs in October does not reveal all that is going on in the American economy.
Brady noted, “While I’m glad to see that more Americans were hired last month, it’s difficult to ignore another drop in the labor force participation rate to 62.8%, its lowest level since March 1978. In a strong economy, the labor force participation rate should be increasing, not declining to a 35-year low. Too many workers have dropped out because they lost hope. And in a shrinking workforce, 7.3% remain jobless.”
“The government shutdown did not hamper private-sector job creation. When the government simply gets out of the way of the private sector, we can see real job growth.”
“The real reason for consistently mediocre job creation is the Administration’s economic policy. No amount of ‘easy money’ from the Federal Reserve can kick job creation into high gear until the President works with Republicans to achieve pro-growth tax reform and regulatory relief,” Brady concluded.