A weak May jobs report raised concerns about the labor market. But a former McDonald's chief executive thinks the U.S. economy may be in worse shape than it seems.
"I think we're in a small-business recession, and if we don't start opening up the opportunity for entrepreneurs to grow their business, we're going to continue see this drop in jobs. We need to energize small businesses," Ed Rensi told CNBC's "Closing Bell" on Friday.
The U.S. economy added just 38,000 jobs in May, the Labor Department said Friday. The number came in well below economists' expectations for about 162,000, according to Thomson Reuters.