July jobs increase is 'vaccine-induced,' says Job Creators Network
WASHINGTON (SBG) - 943,000 jobs were added in July, according to the most recent report from the Bureau of Labor Statistics.
“The job market is doing quite well right now,” said the Job Creators Network’s Alfredo Ortiz to The National Desk’s Jan Jeffcoat. “But remember, it is a vaccine-induced job recovery, not a single policy that the Biden administration has put forward is responsible for this.”
But the report also revealed falling wages, even as jobs increase, said Ortiz.
“Real wages went up 4%. But remember, inflation is up 5.4%,” said Ortiz.
Ortiz credits the ending of enhanced unemployment benefits in 26 states for the increase in jobs for July.
“This was a real issue across the country for many of our small businesses in terms of trying to compete against the federal government for workers and the reality is the workers weren't there,” said Ortiz. “But now that those extra benefits were lifted, we're seeing in this report the beginning of those workers going back to those jobs.”
According to a report from Job Creators Network, small business optimism increased to 63.5% In July.
“It shows basically that right now, small businesses feel good about the current state of the economy,” said Ortiz. “But what it is telling is it shows that there are grey clouds ahead of us, at least from a small business perspective, because when you look at operating costs ... 51% of our small business owners are very concerned or somewhat concerned about that.”
