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July Unemployment Rate Remains At 9.5%

From a doing the best they can Associated Press:

Companies hire at slow pace for 3rd straight month

By Christopher S. Rugaber, AP Economics Writer
August 6, 2010

WASHINGTON – Companies showed a lack of confidence about hiring for a third straight month in July, making it likely the economy will grow more slowly the rest of the year. The unemployment rate was unchanged at 9.5 percent.

Private employers added a net total of only 71,000 jobs in July, far below the roughly 200,000 needed each month to reduce the unemployment rate.

Overall, the economy lost a net total of 131,000 jobs last month, the Labor Department said Friday, mostly because 143,000 temporary census jobs ended

The department also revised down its jobs figures for June, saying businesses hired fewer workers than previously estimated. June’s private-sector job gains were lowered to 31,000 from 83,000. May’s were raised slightly to show 51,000 net new jobs, up from 33,000.

Which is a very artful way to report that the previous two months had lost a total of 34,000 more jobs than previously reported.

The "underemployment" rate was the same as in June, at 16.5 percent. That includes those working part time who would prefer full-time work and unemployed workers who’ve given up on their job hunts.

All told, there were 14.6 million people looking for work in July. That’s roughly double the figure in December 2007, when the recession began.

And never mind that the recession actually began in the third quarter of 2008.

Even if hiring picks up, it will take years to regain all the jobs lost during the recession. The economy lost 8.4 million jobs in 2008 and 2009. This year, private employers have added only 559,000 new hires

Even though Mr. Biden promised that the economy would create 500,000 new jobs a month.

Somebody is messing with Joe.

This article was posted by Steve on Friday, August 6th, 2010. Comments are currently closed.

4 Responses to “July Unemployment Rate Remains At 9.5%”

  1. proreason says:

    “All told, there were 14.6 million people looking for work in July.”

    Sweet.

    14.6 more likely Marxist voters.

    Keep them benfits comin.

    In a country this rich, doesn’t everybody have a right to a tank of gas a week? It’s clear that the 10th amendment guarantees that.

    • JohnMG says:

      Keep in mind that these figures haven’t been revised yet either, and won’t be until next month when “newer” (equally bogus) figures are released, only to be revised downward etc, etc, etc.

      Things are looking really dismal for the boy wonder. Even the “spin” needs to be “spun”.

      What’s a body to do??!!!!

  2. Petronius says:

    Just wait. The regime will soon be touting 9.5% unemployment as the new normal. I guarantee it.

    Note that the AP is setting the bar too low : “… roughly 200,000 needed each month to reduce the unemployment rate.”

    That is ridiculous. You will never reduce unemployment if you add merely 200,000 jobs per month. You must add several times that number.

    You need to add about 150,000 new jobs per month just to cover the new entrants from immigration (legal and illegal). Thus, when 71,000 new jobs were added in July, those jobs were sufficient to absorb less than half of the new entrants into the workforce from immigration. In other words, unemployment just got worse.

    Official unemployment is about 14.2M Americans. To put half that number back to work within a year, you would have to add about 590,000 jobs per month. In order to absorb new immigrants, you would need to create 740,000 jobs per month (590,000 + 150,000 = 740,000).

    Actual unemployment in the US is about 25M Americans. To put half that number back to work, you would have to add over 1 million jobs per month.

  3. U NO HOO says:

    Uhhhh, if it is all Bush’s fault it is the only reasonable conclusion that the law that raises taxes on January 1, 2011 be repealed.


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