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August 3, 2012

Unemployment Rises to 8.3%

Topics: Political News and commentaries

The July jobs report is now out and President Obama can no longer claim the economy is moving in the right direction. The unemployment rate in July rose for the second time in three months, increasing from 8.2% to 8.3% -- and this comes even as another 155,000 discouraged workers ended their search for jobs and are not included in the final numbers:

The number of jobs added in June was revised downward -- big surprise -- from 80,000 down to just 64,000. The preliminary number for July sits at 163,000.

... The headline unemployment number reported each month is the U-3 measure. That's what sits at 8.3% now, up from 8.1% in April. The broader U-6 measure takes into account all those "discouraged" and "marginally attached" workers -- and that number rose to 15.0% in July, up from 14.% in April.

The labor force participation rate, at 63.7 percent, remained near its lowest level in 30 years. The jobs report marks the 42nd straight month of unemployment above 8 percent since Barack Obama began his 'occupation' of the White House.

CNBC provides a pretty fair assessment, noting that the report also says that the number of working Americans actually dropped by 195,000:

The U.S. economy closed out an otherwise weak second quarter by creating more jobs than expected, with 163,000 new positions added, but the unemployment rate rose to 8.3 percent.

As the country struggles to gain growth traction, the unemployment rate held above 8 percent for the 41st consecutive month, according to the latest report from the Bureau of Labor Statistics.

"While the monthly gain is still relatively small by historical standards, it might help spark somewhat higher consumer optimism and spending," Kathy Bostjancic, director of macroeconomic analysis at The Conference Board, said in response to the report.

The report showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments. The birth-death model, which approximates net job growth from newly added or closed businesses, added 52,000 to the total.

June's jobs gain was revised downward by 16,000 to 64,000, while May was revised upward by 10,000 to 87,000.

As Jim Geraghty points out, the unemployment rate when Obama made his "If I don't have this thing done in three years" statement was.. 8.3 percent. The same rate it is today.

Meanwhile, the delusional White House remains in denial, claiming that the jobs report is "further evidence" that the economy is recovering." What have these people been smoking?

Related: If You Like 2012, You Will Love A 2nd Obama Term (Magically using the monthly job report as a time machine into the future.)

Posted by Hyscience at August 3, 2012 8:59 AM

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