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Yippee! July Unemployment Rate Down 0.1%

From a giddy Associated Press:

Unemployment rate dips, economy adds 117K jobs

August 5, 2011

WASHINGTON (AP) — Hiring picked up slightly in July and the unemployment rate dipped to 9.1 percent, an optimistic sign after the worst day on Wall Street in nearly three years.

Employers added 117,000 jobs last month, the Labor Department said Friday. That’s better than the past two months, which were also revised higher

Isn’t it funny how the AP mentions that the last two months’ employment rate were revised up. But they never mention when these numbers are revised for the worse.

Still, the economy needs twice as many net jobs per month to rapidly reduce unemployment

In fact, we are regularly told that there needs to be at least 250,000 new jobs a month just to reduce unemployment by a full percentage point.

The unemployment rate fell partly because some unemployed workers stopped looking for work. That means they are no longer counted as unemployed

The hell you say. Still, it is nice to see the AP admit this for once.

The report follows a string of gloomy data that shows the economy has weakened.

The economy expanded at a meager 0.8 percent annual rate in the first six months of this year, the slowest pace since the recession officially ended

Remember, a GDP of 3.3% was called a recession under President Bush. But we are still supposed to believe that the recession ended in June of 2009.

But the government revised the previous two months’ totals to show hiring wasn’t as weak as first estimated.

The economy added 53,000 in May, up from an earlier estimate of 25,000, and 46,000 in June, up from 18,000. June’s total was still the weakest in nine months

Again, the AP never reports when these numbers are revised down. It seems to be a matter of policy.

This article was posted by Steve on Friday, August 5th, 2011. Comments are currently closed.

5 Responses to “Yippee! July Unemployment Rate Down 0.1%”

  1. JohnMG says:

    What a pathetic effort at positive spin.

    Unfortunately, everyone (including the useful idiots on the left) knows better than to believe these reports. Collectively we have been lied to so often in an effort to legitimize Obama’s efforts, that such reports have no credibility.

    Ignorant people will vote to re-elect him regardless of the numbers, and those of us who are paying attention recognize the lie for what it is.

    Nobody’s listening.

  2. captstubby says:

    just to give you a clue on summer job numbers
    i have been a blue collar construction worker for almost 40 years.
    every summer has shut downs at factory’s and school projects.
    there is always a short jump in work at this time.
    today was my last day at work.
    sorry, no more work, will call you if something comes up.
    just wait and see unemployment numbers to come.

  3. bill says:

    Labor force participation … now at a Jan 1984 number.

    If the same number of jobs were available as when Obama took office, unemployment would now be 11.7% …

    Fact: the labor force participation rate, and the reason why the general unemployment rate declined to 9.1%, just dropped to 63.9%, the lowest in 16 years, or matches the participation rate from January 1984.

    Obammunism artificially shrunk the number of jobs available, on paper. The people without jobs are still real. And the real unemployment before the government fiddling would be over 20% which should answer the question of why they fiddle the numbers.

    193,000 workers gave up looking last month.

    • proreason says:

      good data point.

      I think the 11.7% is actually higher because a lot of older people and stay-at-home-moms need to go back to work, but can’t find jobs either….and they aren’t captured by any of the statistics.

  4. canary says:

    Back to school clothes and supplies, and fall fashions. Fast food places next to high schools (fast food jobs go to the minorities who can’t speak English or count change.

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