Unemployment Numbers Disappoint
[Guest post by DRJ]
The unemployment rate dipped to 9.5% but only because more and more workers are leaving the pool:
“Private employers added a smaller-than-expected 83,000 jobs in June, but the unemployment rate edged down to 9.5% as many workers dropped out of a labor market that remains very sluggish.”
A dip in average hourly earnings suggests employers won’t add more workers in the short term, and the jobs that were added are low-paying, low-skill jobs … which isn’t good news for record numbers of college students.
President Obama says it’s good news but not good enough. But the longer we go without recovering jobs, the worse the economy looks.
— DRJ
0 thinks this is “good news, but not good enough”? Huh? I’d say “Bad news, that thankfully isn’t worse!” What’s the “real” rate, 24%?
htom (412a17) — 7/2/2010 @ 12:15 pmThe local news called these numbers “unexpectedly good” today, I ridiculed them in email mercilessly.
SPQR (26be8b) — 7/2/2010 @ 12:16 pm(nb. Lately I’ve been on a roll, hitting DRJ’s posts with sarcastic remarks. Not at all meant to target her postings, which remain supurb; I’m just in a really cranky mood.)
htom (412a17) — 7/2/2010 @ 12:17 pmOnly the Kool-Aid drinkers find these numbers to be “unexpected”.
AD - RtR/OS! (688ffe) — 7/2/2010 @ 12:20 pmHave you looked at the chart for the DOW since May-Day?
I’ve seen shallower inclines on ski-runs/jumps.
Jim Geraghty at NRO has the solution.
In June 2009, the unemployment rate was 9.5 percent, just as it was in June 2010.
However, a year ago, the civilian labor force was 154,759,000, and now it is 153,741,000.
In other words, 1.018 million people have dropped out of the labor force.
The good news is that the country will be back to a relatively normal jobless rate of 6 percent once another 5.39 million of the unemployed stop looking for work.
See how easy that is ?
Mike K (8df289) — 7/2/2010 @ 12:24 pmThat would make one Hell of a Bonus Army marching upon Washington, wouldn’t it?
AD - RtR/OS! (688ffe) — 7/2/2010 @ 12:33 pmhtom:
I know how you feel. Seeing so many people in trouble and hurting, and knowing more will soon be in their shoes, is making me cranky, too.
DRJ (d43dcd) — 7/2/2010 @ 12:37 pmHaiku think numbers
ColonelHaiku (9cf017) — 7/2/2010 @ 12:47 pmmay reflect self-deporters
and now I am spent
On a side note, if we see Obama’s pathway to citizenship enacted, can you just imagine how many more unemployed people will be added to the rolls?
Dana (1e5ad4) — 7/2/2010 @ 12:51 pmObama – “We’re on the right track”
To where?
Granny McRictusBotoxface on unemployment benefits:
“It creates jobs faster than almost any other initiative” – Srsly, how do you fight stoopid like that?
“It’s impossible to think of a situation where we would have a country without unemployment benefits” – Then don’t, because nobody has proposed it, only that you cut the budget somewhere else to pay for the extension of benefits past the 99 weeks you’ve already extended it to. Trying to give Obama a run for his money in the strawman burning contest?
daleyrocks (1d0d98) — 7/2/2010 @ 12:52 pmdaleyrocks, She is dumber than a box of Andrews.
SPQR (26be8b) — 7/2/2010 @ 12:53 pmDana – But think how many undocumented democrats will have new jobs!
Have Blue (854a6e) — 7/2/2010 @ 12:55 pmIsn’t that supposed to be “dumberer”?
AD - RtR/OS! (688ffe) — 7/2/2010 @ 12:55 pmComment by Have Blue — 7/2/2010 @ 12:55 pm
Except that there won’t be any such thing as an ‘undocumented democrat’ – they will all be legal democrats, which then poses the next question: Just who will be willing do the jobs that legal democrats won’t do?
Dana (1e5ad4) — 7/2/2010 @ 1:07 pmHeretical Republicans.
htom (412a17) — 7/2/2010 @ 1:21 pmThe “unexpectedly” thing is the part that galls me.
Hey, here’s a hint. if your economists keep being surprised, now for almost a year, they suck as economists. Hey, how about we start expecting things to get worse? then when it does we can stop saying its unexpected.
Things are worse than the White House’s worst case predictions, IF WE DIDN’T PASS THE STIMULUS. logically there are only two explanations: either they suck at predictions, or they are making it worse. and either way the answer is to stop. stop because you can’t predict what the outcome is, or stop because you are making it worse. either way its the same bottom line:
STOP!!!
Aaron Worthing (A.W.) (e7d72e) — 7/2/2010 @ 1:56 pmAW, one must not denie Teh Narrative!
AD - RtR/OS! (688ffe) — 7/2/2010 @ 2:55 pmwhy does anyone expect job growth? who the hell wants to start a business, take all the risks involved and then if its successful the proceeds go to the political class. nobody wants to work in a socialist economic system they just want to recieve their checks.
thomas mc donnell (397858) — 7/2/2010 @ 7:30 pmthe unemployment rate on our country is growing bigger and bigger due to government mismanagement*,’
Theo Shaw (9a7b7b) — 10/6/2010 @ 11:07 am