The July unemployment report on August 2nd was downright disappointing. It gets worst when one looks at previous months' reports which were revised downwards - jobs added to the U.S. economy for the month of May was revised down from 195,000 to 176,000, and June's employment numbers were revised down from 195,000 to 188,000. That adds up to 26,000 jobs that were vapor jobs - they never happened! And it is not encouraging when most of the new jobs added were in low paying sectors such as retail, trade, leisure and hospitality, specifically in food services and drinking establishments.
From HuffingtonPost.com
July Jobs Report Masks Real Problems In U.S. Labor Market
Posted: 08/02/2013 8:31 am EDT
Fed Chairman Ben Bernanke has said the official U.S. unemployment rate could mask the real problems in the labor market. He got proof of that in July's jobs report.
The unemployment rate dipped to 7.4 percent in July, the lowest rate since December 2008, the Bureau of Labor Statistics reported on Friday, down from 7.6 percent in June.
But payroll growth was anemic, wages dropped and more discouraged workers headed for the sidelines, continuing the slowest job-market recovery since World War II.
"The U.S. job market appears to be stuck in the slow lane," Adam Hersh, economist at the Center for American Progress, a left-leaning think tank, wrote in a statement. "Despite the modest gains in this report, we’re still not moving fast enough to repair the unemployment hole or to deliver a pay raise for the majority of workers in America."
Read more >>
From HuffingtonPost.com
July Jobs Report Masks Real Problems In U.S. Labor Market
Posted: 08/02/2013 8:31 am EDT
Fed Chairman Ben Bernanke has said the official U.S. unemployment rate could mask the real problems in the labor market. He got proof of that in July's jobs report.
The unemployment rate dipped to 7.4 percent in July, the lowest rate since December 2008, the Bureau of Labor Statistics reported on Friday, down from 7.6 percent in June.
But payroll growth was anemic, wages dropped and more discouraged workers headed for the sidelines, continuing the slowest job-market recovery since World War II.
"The U.S. job market appears to be stuck in the slow lane," Adam Hersh, economist at the Center for American Progress, a left-leaning think tank, wrote in a statement. "Despite the modest gains in this report, we’re still not moving fast enough to repair the unemployment hole or to deliver a pay raise for the majority of workers in America."
Read more >>
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