Friday, July 6, 2012

Unemployment Rates Holds at 8.2%

Job growth is better then job loss, but this growth level is well below what is needed to keep unemployment constant based on population growth.

http://hotair.com/archives/2012/07/06/jobs-report-80k-jobs-added-8-2-jobless-rate

"The jobs report for June shows another gloomy month in the US economy. Job growth amounted to a disappointing 80,000, below analyst expectations of 90-100K, while the jobless rate remained the same at 8.2%:

Nonfarm payroll employment continued to edge up in June (+80,000), and the unemployment rate was unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Professional and business services added jobs, and employment in other major industries changed little over the month. …

In June, the number of long-term unemployed (those jobless for 27 weeks and over) was essentially unchanged at 5.4 million. These individuals
accounted for 41.9 percent of the unemployed. (See table A-12.)

Both the civilian labor force participation rate and the employment-population ratio were unchanged in June at 63.8 and 58.6 percent,
respectively. (See table A-1.)

This is only a bare improvement over last month’s report, with its addition of 77,000, an upward revision from the report a month ago, which had May at 69,000. The average monthly job growth has been 75,000 over the last three months — when we need 125K-150K to keep up with population growth. It’s a measure that shows us going backwards … again.

The bad news gets even worse when looking at combined unemployment and underemployment, as measured by U-6. That measure had dropped to a years-long low in March and April of 14.5%, but now has ticked upward two months in a row, and is back to 14.9%. Joblessness among African-Americans jumped by 184,000 and the rate shot up from 13.6% to 14.4%, the highest it has been since December 2011.
"

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