Employment Day :-(
The “good”news, the unemployment rate dropped from 9.2 % to 9.1 % and 117, 000 new jobs were added.
WHOOPEE DO!
June added 46,000 (revised) and May added 53,000 (revised). On a base of 131,190,000, only 117,000 additional jobs makes these changes not statistically non-significant but trivial as well.
Hardly any change in weekly hours worked, overtime hours and a small increase in average hourly earnings.
Except for a little blip in 2010, it looks like it will take forever to replace the lost jobs not to mention creating new jobs for the incoming labor force. Remember the armed forces and prison population aren't counted anywhere. And discouraged workers are left out of the base total as well.
More on discouragement in later posts
More on discouragement in later posts
Let the Good Times Roll – Won't happen for awhile.
