U.S. Chamber Comments on October Jobs Report

WASHINGTON, D.C.—U.S. Chamber of Commerce Chief Economist Dr. Martin Regalia issued the following statement on the October employment report:

“While the top-line number is weaker than some had expected, the underlining employment data indicates the economy is gradually improving and not slipping into a double-dip recession. But once again, growth isn't fast enough to create significant headway to put people back to work. Job creation is barely keeping up with the influx of new jobs-seekers entering the workforce. At this pace, we’re looking at sluggish growth, modest job creation, and stubbornly high unemployment for the foreseeable future.

“Instead of proposing deficit-ballooning short-term stimulus bills paid for by tax increases on job creators, Washington needs to be focused on improving the underlying long-run growth in the economy. Policymakers need to adopt pro-growth policies based on free market principles, like those advocated in the Chamber’s jobs plan. We need to stop saddling employers with burdensome regulations and uncertainty. We need to restructure the tax code that is dragging down our economy and undermining competitiveness. We need to reform entitlement programs that are pushing the nation toward insolvency. Until we do those things, we can expect anemic growth and weak job creation.”

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.