PROTECTING SMALL BUSINESS, PROMOTING ENTREPRENEURSHIP

Small Business Group Calls Jobs Report Solid, “Off-the-Charts” Good

By at 9 March, 2018, 10:53 am

NEWS

FOR IMMEDIATE RELEASE

Washington, D.C. – The Small Business & Entrepreneurship Council (SBE Council) issued the following statement on the February 2018 jobs report, which found that payroll employment increased by 313,000:

“There’s a lot of solid news in the February jobs report. Job creation at this pace indicates sustained confidence among business owners about the state of the economy and their revenue growth potential for 2018. The good news keeps coming, which has created strong momentum for entrepreneurs to capitalize on,” said SBE Council president & CEO Karen Kerrigan.

The Bureau of Labor Statistics (BLS) report also conveyed that December’s jobs data was revised up from +160,000 to +175,000, and January was also revised up from +200,000 to +239,000. As noted by BLS: “With these revisions, employment gains in December and January combined were 54,000 more than previously reported.”

SBE Council chief economist Raymond Keating observed: “The February jobs data is off-the-charts good. The headline establishment survey payroll gain of 313,000 was robust, showing solid hiring nearly across all industries.”

Keating added:

“For good measure, there was very good news from household survey as well, with the labor force increasing by a whopping 806,000 in February, along with an employment increase of 785,000. In addition, the measure of those not in the labor force declined by 653,000. The labor force participation rate increased from 62.7 percent in January to 63 percent in February, while the employment population ratio increased from 60.1 percent to 60.4 percent.  These two measures rank as the most informative numbers in each month’s jobs report, and seeing them both move strongly in the right direction is most welcome.

“The U.S. is not facing a tight labor market, given that both the labor force participation rate and the employment population ratio remain well below where each should be during a period of economic recovery and expansion.

“Clearly, policy changes over the past year, namely, business tax and regulatory relief, have been real positives for our economy. Policymaking needs to stay focused on further advancing tax and regulatory relief, and reining in government spending, while avoiding measures that work against growth, such as protectionist trade policies like higher tariffs, which are net negatives for growth and jobs.”

CONTACT:

Raymond Keating, Chief Economist

631-909-1122

rkeating@sbecouncil.org

Karen Kerrigan, President & CEO  @KarenKerrigan

kkerrigan@sbecouncil.org

SBE Council is a nonpartisan, nonprofit advocacy, research and education organization that works to protect small business and promote entrepreneurship. For nearly 25 years SBE Council has worked to successfully implement a range of policy and private sector initiatives to strengthen the ecosystem for startups and small business growth. To learn more, visit SBE Council’s website: www.sbecouncil.org. Follow on Twitter: @SBECouncil

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