It’s that time again: time for the weak, tepid cup of tea masquerading as the US economy.
Both the unemployment rate (6.2 percent) and the number of unemployed persons (9.7 million) changed little in July. [Changed little, but changed for the worse.]
[T]he unemployment rate for adult women increased to 5.7 percent and the rate for blacks edged up to 11.4 percent in July, following declines for both groups in the prior month. The rates for adult men (5.7 percent), teenagers (20.2 percent), whites (5.3 percent), and Hispanics (7.8 percent) showed little or no change in July. The jobless rate for Asians was 4.5 percent (not seasonally adjusted), little changed from a year earlier.
The number of long-term unemployed (those jobless for 27 weeks or more) was essentially unchanged at 3.2 million in July. These individuals accounted for 32.9 percent of the unemployed.
The number of persons employed part time for economic reasons (sometimes referred to as involuntary part-time workers), at 7.5 million, was unchanged in July. These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job.
The civilian labor force participation rate, at 62.9 percent, changed little in July. The participation rate has been essentially unchanged since April. The employment-population ratio, at 59.0 percent, was unchanged over the month….
You all know what a fan I am of the labor force participation rate. Nothing so clearly demonstrates the economic cataract of job loss under Obama:
He “inherited” a tough economy, but one that had routinely turned in a 66% participation rate. Now, he dreams of getting back to 63%. Oh, and note that the “recovery” [chortle] began in June 2009, just as the rate plummeted down a triple black diamond slope. Five years of such recovery and we’re barely “little changed”, “changed little”, “unchanged”, or “essentially unchanged”.
And I thought the jobs report was supposed to be good news.
The Dow fell 70 points Friday on what turned out to be a volatile day of trading.
The blue chip index finished the week lower and is now down for the year following Thursday’s 317-point drop.
Employers added 209,000 jobs in July. That was well shy of the 288,000 jobs that were created in June and below the gain of 230,000 jobs predicted by economists polled by CNNMoney.
The weaker-than-expected jobs report could ease fears on Wall Street that the Federal Reserve will hike interest rates early next year.
The government said the unemployment rate ticked up to 6.2% from 6.1%.
“The employment data was not too hot, not too cold. It was just about right…
Thanks, Goldilocks. I said at the top the economy was tepid tea, but I stand corrected. It’s porridge.