The National Association of Wholesaler-Distributors (NAW), which is the voice of the 7.4 trillion-dollar wholesale distribution industry, and employs more than 5 million U.S. workers, reacted to the newly released October jobs report; cautioning the federal government to refrain from aggressive economic overcorrection and reckless spending that will fuel ongoing economic uncertainty.
According to the Bureau of Labor Statistics, the US economy added 261,000 jobs in October, as unemployment inched up to 3.7% and Wholesale Trade added 15,000 jobs. Additionally, employment in wholesale trade increased by an average of 17,000 per month thus far in 2022, compared with 13,000 per month in 2021.
"Today's jobs report shows that six consecutive rate increases from the Federal Reserve have barely had an impact on the labor market," said NAW CEO Eric Hoplin. "Combined with the rate increase announced on Wednesday, these numbers indicate that our economy has not slowed down enough to counter record-breaking levels of inflation. Additionally, increased rate hikes increase the likelihood of a recession as industries pull back in anticipation of economic unrest. NAW will continue to monitor the economic situation for our members and for the wholesale distribution industry. Once again, we urge the federal government to avoid unnecessary spending that will continue to fuel economic hardship in this country."