WASHINGTON — President Obama has handed his jobs council a pink slip.

The panel of business leaders and economists, set up in 2011 to brainstorm ideas to create jobs, has been disbanded, the White House announced yesterday — with more than 12 million Americans still out of work.

A “new, expanded effort” will be made to engage the business community to create jobs and grow the economy, White House spokesman Jay Carney said.

The GOP had dismissed the panel as a campaign p.r. stunt. Obama met with it just four times and not once after last February.