SBA Administrator Carranza’s statement on January 2020 Jobs Report

U.S. Small Business Administration Administrator Jovita Carranza issued the following statement in response to the Bureau of Labor Statistics’ Employment Situation Summary for January. According to the just-released report, 225,000 new jobs were created in January, and the employment rate rose slightly to 3.6 percent due to the labor force participation rate increased to 63.4%. The report comes on the heels of two reports released this week indicating new U.S. jobless claims fell by 15,000 to 202,000 – a 50-year low – while private payrolls soared by 291,000 in January, the largest gain in nearly five years. Administrator Carranza said:

“Today’s jobs report is welcome news for America’s 30 million small businesses. Small businesses are investing, expanding, and creating new jobs, and more underrepresented Americans are experiencing upward economic mobility as a result. Income inequality is shrinking and wages are rising fastest among workers who have historically been left behind, including low-income women, African Americans and Latinos. Small businesses remain extraordinarily optimistic about the future, in large part because of this Administration’s success in lowering the cost of taxes and regulations, opening up new export markets, and advancing innovative solutions on healthcare and workforce development. Today’s news is affirmation that the President’s policies are benefitting small businesses and helping more Americans climb the economic ladder.”

“In addition from benefiting from a strong labor market, historically disadvantaged groups are starting their own business at high rates,” said Michael Vallante, Associate Administrator for the Office of Field Operations, overseeing the 68 district offices and nine Regional Administrators; and Regional Administrator for Region IX, overseeing the agency’s programs and services in California, Arizona, Nevada, Hawaii and Guam. “SBA’s network of resource partners support entrepreneurs start and or expand their business through free counseling, low cost resources, or business loan guarantees. We are inviting all entrepreneurs to connect with us.”

This article was released by the U.S. Small Business Administration.