U.S. Chamber Comments on July Employment Report

‘While We are Not Out of the Woods, We Certainly are Not Already in a Recession,’ Says Regalia

WASHINGTON, D.C.—Following the announcement that the private sector created 154,000 net new jobs in July, total job increases were a positive 117,000, and the unemployment rate edged down to 9.1%, U.S. Chamber of Commerce Chief Economist Dr. Martin Regalia issued the following statement:

“With positive revisions to the last couple of months and underlying number on the workweek and earnings a bit stronger than anticipated, these numbers suggest that while we are not out of the woods, we certainly are not already in a recession.”

“Make no mistake, the economy is still very weak, but it appears that some of the headwinds we were bucking earlier this year are dissipating. But more must be done to release our market economy from the artificial restraint placed on it by burdensome regulations and unleash our job-creating potential.”

The U.S. Chamber of Commerce is the world’s largest business federation representing the interests of more than 3 million businesses of all sizes, sectors, and regions, as well as state and local chambers and industry associations.

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