With unemployment at 7.8 percent, the Obama Administration has decided to let the Council on Jobs and Competitiveness expire, according to an Associated Press article.
The White House website says the council “was created to provide non-partisan advice to the President on continuing to strengthen the Nation’s economy and ensure the competitiveness of the United States and on ways to create jobs, opportunity, and prosperity for the American people.”
Officials say that the President always intended for the council to expire and that he will continue to have an open dialogue with leaders in the business community.
This comes after news the U.S. economy shrank at an annual rate of 0.1 percent from October through December of last year.
The council organized a series of “listening and action” meetings across the country with business owners, local elected officials and academics as part of the council.