Unemployment Rises … 9.6%
There is some good news in this month’s report, but only if your first and last name is Pollyanna. Heh.
The Labor Department reports that the private sector added 67,000 jobs in July which according to reports is better than … expected? Or better than nothing. You choose.
Private payrolls that exclude government agencies climbed 67,000, after a revised 107,000 increase in July that was more than initially estimated, Labor Department figures in Washington showed today. The median estimate of economists surveyed by Bloomberg News called for a gain of 40,000. Overall employment fell 54,000 for a second month and the unemployment rate rose to 9.6 percent as more people entered the labor force.
Ed Morrissey does a good job of going through the numbers, but he picks up on what I found to be a little incredulous … that this report is good news.
So we created 40,000 fewer private sector jobs and the unemployment rate went up, and that’s a surprise on the upside? That’s mighty fine spin by Reuters … and completely expected.
If it’s such good news then why the increase? Because the BOLS reports that more people have begun looking for work … which, if there are not more jobs for them … leads to a higher unemployment rate.
The numbers are not good, and this is not what I call getting better either. More people are taking part time jobs just to stay afloat, and an economy like ours needs to create more than 60,000 jobs net.
7 Comments
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Wow Jim, greetings of unemployment just in time for…………Labor Day!
You are right Anne. Øbama kind of took the "labor" out of Labor Day. I wonder if it will be put into the next May Day……?
Summer jobs although far and few between more than likely made up half of those meager jobs. Of course who is to be so low as to point out to Obbie that many jobs are part time, and I mean part time. How does that pay bills or should I say the taxes.
Obbie loves this, he loves telling everyone the lies because he truly believes there are enough Stupids out there believing it therefore he will have an easy time sliding his way right through to dictatorship. Try to stop him and there will be H.ll to pay for your trying. In his mind, which is made up most of ego cells and the rest is a sponge like material not able to withstand any weight of knowledge [for those types with such matter in there heads teleprompters are wonderful]; therefore nothing short of another Nero overtaking would be in order by the people. Rome was saved for yet another time. Let us learn from history and please allow America eternal freedom.
Job loss is only one part of the problem of which the administration has so carefully planned. The people are fed up with him and his cronies. We the People are looking towards November like it was Christmas, they can not wait to throw out the old broken cheap toys and have a lot of new shiny quality tools. I think Pollyanna should go too, she is one tired old doll and she believes in fairy tales and we all know fairy tales do not come true, only dreams and a land called America where opportunities are abundant.
The looming and growing deficit is having the same effect eclipses had on early societies: it is causing fear, uncertainty and doubt (FUD) in the people and businesses. Why hire or buy a house when you don't know what the government is going to do to you and the country?
Dims,
Great use of the "May Day" reference.
Considering the way these comment sections have been LEANING lately, I can't wait until the denial and Bush blaming comences.
Let the rhetoric games begin!!!
Heh, heh! I am glad my subtlety is appreciated! The comments haven't been leaning so much as detoured. It takes three lefts to make a right, you know (or is that three "rights" to convince a lefty?)! 😉
I just can't help myself….
Ahhh yes…detoured. Much better word in this case. And yes I get the 3L=1R. I just hope that's not how the votes get counted.