Friday, August 6, 2010

Bad job numbers, bad unemployment numbers, bad all around

Again, November is about JOBS, this ECONOMY. The White House finally figuring this out is a tad too late on this. As long as people are unemployed, foreclosures at record highs, consumer confidence is low, this is going to continue for some time.

And that is why it will be tough for Democrats in November when the public has disdain for BOTH, Democrats and Republicans. The election of us vs. them with the public hating both.

Oh, those census jobs that bloated the REAL NUMBERS? Those jobs are done and the fallout is what we see, a weak job market as many said from the very beginning.

Companies showed a lack of confidence about hiring for a third straight month in July, making it likely the economy will grow more slowly the rest of the year.

Private employers added a net total of only 71,000 jobs last month, according to the Labor Department's July report Friday. That number was far below the roughly 200,000 needed each month to reduce the unemployment rate. The unemployment rate for July was unchanged at 9.5 percent.

The modest job gains were even weaker when considering a loss of government jobs at the local, state and federal levels in July that weren't temporary census positions. Factoring those in the net gain was only 12,000 jobs.

“The good news here is we are not falling off a cliff; we are getting job growth,” Mark Zandi, chief economist at Moody’s, told CNBC Friday. “But obviously this is not enough. If we don’t see better job growth later this year and next the recovery is in jeopardy.”

The government sharply revised down its jobs figures for June, saying businesses hired fewer workers than previously estimated. June's private-sector job gains were lowered to 31,000 from 83,000. May's were raised slightly to show 51,000 net new jobs, from 33,000.

Overall, the economy lost a net total of 131,000 jobs last month, mostly because 143,000 temporary census jobs ended.


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