Unemployment Rate Down A Tick (Because People Are Giving Up Search For Jobs)

Last month, when the June jobs report came out showing only 18,000 jobs had been added for the month, many people took it hard. The July report came out and reports the “good news” that the economy added 117,000 jobs. Another 200,000 folks just dropped out of the labor force. This means our unemployment rate is down to 9.1%

It takes about 125,000 jobs a month to keep up with population growth. And if President Obama wants the country to be below 8% unemployment by Nov. 2012, that number needs …

  1. Israel P.

    It’s all these NFL free agents finally signing contracts.

  2. Mollie Hemingway

    Mark Knoller tweets:

    Track the path of the natl unemployment rate this year: Jan 9.0%; Feb 8.9%; Mar 8.8%; Apr 9.0%; May 9.1%; Jun 9.2%; July 9.1%.

    That is one tough year for jobs.

  3. liberal jim

    I think I am correct in saying that almost everyone thinks  saving and investing a portion ones earnings is thought to be more responsible than spending and consuming and the prudent use of credit is preferred to indiscriminate borrowing.  It has been the policy of the US government to encourage irresponsible consumption for 2+ decades and irresponsible borrowing for 1+.    Assuming there is some government policy that can shelter the public from the consequences of this irresponsible behavior is nonsense.  The angst generate by the down turn has led to a private saving rate increase and a total private debt decrease, assuming the trends continue, any significant positives effects from this  are 5+ years away.   Monthly numbers are noise. 

  4. flownover

    These numbers are all so deceptive.Drudge has a number up today that says alot:

    58% of working-age Americans have jobs. Whither the other 40% ??? Are we really at 40% unemployment ?? 

    The government wouldn’t lie about this ,would they ?

  5. Pilli

    I am continuously mystified as to how people who have “stopped looking” are no longer counted as unemployed.  Not to mention the over 99ers who are no longer eligible for U. Comp. are not counted either.

    Just who the heck IS considered unemployed?

    flownover is right.  What is the real unemployment figure?  Is it not something the next Republican candidate should flog the current administration with?

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