Skip to comments.U.S. Adds Just 162,000 Jobs in July, Rate Falls To 7.4%
Posted on 08/02/2013 6:07:04 AM PDT by Mad Dawgg
The U.S. economy added just 162,000 jobs in July, well below expectations and not nearly enough to alter the Federal Reserves plan to maintain its easy money policies for the foreseeable future.
The headline unemployment rate fell slightly to 7.4%, according to figures released Friday by the Labor Department, down from 7.6% in June. Economist had predicted an increase of 180,000 jobs and a 7.5% unemployment rate.
(Excerpt) Read more at foxbusiness.com ...
War is Peace...!
Last months chocolate ration of 4 grams will be raised to 3 grams this month...!
how does the rate fall?
people giving up looking for work even when their benefits expire?
We all know the numbers are fudged. They are fudged and they are still really bad.
The talking heads at CNBC said the labor force participation rate dropped. That is a much better measure than the manipulated unemployment rate.
More phony numbers....Does ANYONE believe ANYTHING these A-Holes say???
IIRC we need about 200K jobs per month just to keep up with new people entering the job market. However new people who can’t get a job don’t show up on the unemployment roles so its all good for Obamanomics...!
I will post this every time.
You only have to work ONE HOUR, EVEN BABYSITTING , DURING THE REFERENCE WEEK TO BE CONSIDERED EMPLOYED.
What geniuses sent millions of manufacturing jobs to Asia without any replacement opportunities?
The sub-human filth known as the American voter is pretty much on board all the time for any reason whatsoever and will only vote for more.
I’m linking to a Kos Kids thread, not because I hate the people here, but everyone needs a good laugh. The first two posts are by a couple of drones who have not been informed of the party line for the day, Kostards to the core. Also the racialists of the Left included a race employment chart at the bottom of the article.
Mortgage rates have bumped up plus schools are starting means home sales will drop.
Per Stuart Varney on FoxNews,
job creation is anemic
nearly 1/4 million drop out of workforce, many due to retirement, many due to no jobs available, thus being the cause for the reduction in the unemployment rate
many went from full-time to part-time, possibly due to impending Obamacare implementation
The regime mouthpieces and the state run media outlets will continually trumpet the 7.4% figure this weekend, while ignoring these facts:
1. 63.4% labor participation rate - only 63.4% of the workforce is actually "working";
2. a record number of part time jobs being included in the stats - thanks to 0bamasare;
3. Nearly a quarter million dropped out of the workforce during this period and are no longer counted, bringing the total who have given up looking for work to a new record;
The low information voters, 0bama's core constituents, cannot and WILL NOT, understand these facts and their ramifications.
Despite 0bama's seeming incompetence, he is right on track for the destruction of America!
The Ministry of Truth has spoken, so it must be so.
BUMP to your post.
Bring back American jobs, to America.
And next week, there will be unexpected growth in new unemployment claims. But the headline rate won't have to be adjusted until the end of August, with the hope that holiday hires start by then, giving the expected 7.5% unemployment rate.
We can't believe a damn thing our government tells us. Constant distortions, outright lies, propaganda, legal double speak.
These people are out of control.
Every “economist” who meekly accepts this obvious fraud every month should be publicly ridiculed. The “great” June numbers were revised downward, as usual. These Labor Dept. statistics are just about as real as those put out by the other Communist countries.
In years past we had morons talking about “Obama’s stash” this year the joke is on us with Obama’s jobs.
The administration is passing around "Phony" numbers.
Well we have the baby boomers retiring, kind of a budge in the curve. That might account for some of the distortion. The number I recall was 280K new jobs needed to keep unemployment rate stable but that was prior to the baby boomers retiring in mass.
You just keep manipulating the numbers until they say what you want them to say.
Each month, The Hamilton Project examines the job gap, which is the number of jobs that the U.S. economy needs to create in order to return to pre-recession employment levels while absorbing the people who enter the labor force each month. As of June, our nation faces a jobs gap of 9.7 million jobs. This chart shows how the jobs gap has evolved since the start of the Great Recession in December 2007, and how long it will take to close under different assumptions for job growth. If the economy adds about 208,000 jobs per month, which was the average monthly rate for the best year of job creation in the 2000s, then it will take until April 2020 to close the jobs gap. Given a more optimistic rate of 321,000 jobs per month, which was the average monthly rate of the best year of job creation in the 1990s, the economy will reach pre-recession employment levels by February 2017.
Thanks! I am bookmarking that one!
All that these bogus reports do is piss off more Americans every month. That is good... when enough Americans become truly pissed then DC will change.
The McRubio-Schumer amnesty will bring in 3 million permanent legal immigrants a year plus doubling our guest worker programs to to 1.4 million a year.
The problem belongs to both parties.
What geniuses sent millions of manufacturing jobs to Asia without any replacement opportunities?
Their hatred for this country is self evident and anything that destroy it makes them happy.
I know you know it is not incompetence but an on schedule plan for the destruction of the United States. I would like to see more pundits start hammering this but they keep the spouting the Obama is out of touch line. He is not out of touch. He knows exactly what he is doing.
The “rate” falls when you mess with the denominator in the equation.
Figures don’t lie....but liars can figure.
And by changing the goalposts, almost any objective can be achieved.
If the kind of reporting that was used a mere six years ago were to be re-instituted, the real rate would be at Great Depression levels - 15% to 20% or more.
And our real growth in GDP would be negative.
Nothing the Current Regime squatting in the White Hut is doing even touches upon any kind of solution to this dilemma. In fact, almost everything they are doing right now is exacerbating an already bad situation. Quantitative easing, imposing the draconian rules of the “Patient Protection and Affordable Care Act of 2010”, commonly called “Obamacare”, the constraints on industrial and commercial expansion by excessive and arbitrary application of environmental regulation not justified by any cost-benefit ratio determination, and the obsessive eavesdropping on phone and internet messages by highly secretive and probably malevolent control freaks for all the wrong reasons, add up to what in another era would be called a tyrannical rule. Most of these new impositions upon what was once among the freest of nations on the planet are by extralegal means, with a total disregard for precedent and rule of law, and constant re-interpretations of what was claimed to be the “truth” only a very short while ago.
Reality has far exceeded the span of imagination by George Orwell in the novel “1984”.
By election time it’ll be at 0.1%!! I can hardly wait! My unicorn only sh##’s green Skittles!
These obama sycophants can't face reality.
She IS being disciplined.
But it has to be reported to the government, if it doesn't get reported it doesn't count.
I am beginning to believe the a lot of people have gone on a tax strike. Or per se...truly gone Galt.
That is perfectly possible. And, at the same time that unemployment rate is at 0.1%, the employment rate will be at 0.1% AND the labor participation rate will be 0.1%... the Triple Crown Award will then be bestowed upon our Dear Leader.
Obamacare Full Frontal: Of 953,000 Jobs Created In 2013, 77%, Or 731,000 Are Part-Time
“When the payroll report was released last month, the world finally noticed what we had been saying for nearly three years: that the US was slowly being converted to a part-time worker society. This slow conversion accelerated drastically in the last few months, and especially in June, when part time jobs exploded higher by 360K while full time jobs dropped by 240K. In July we are sad to report that America’s conversation to a part-time worker society is not “tapering”: according to the Household Survey, of the 266K jobs created (note this number differs from the establishment survey), only 35% of jobs, or 92K, were full time. The rest were... not.”
Check out the graphs at the link.
Why don’t we hear this from the MSM?!
More disability, part time, early retirement, off the books, etc.
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America won’t solve its economic problems until it solves our trade problems.
And only under Obama is over 7% unemployment is considered good news.
Is this the result of his hiring—how many is it—to go door to door and tell families about Obamacare? Many of these are the same who go door to door prior to elections, and take people to the polls.
You won’t see the impact of school starting because everything is reported as seasonally adjusted to account for things exactly like this.
“reported as seasonally adjusted to account for things exactly like this.”
No doubts. But in real life, sales always slow down at the end of summer, even more as Thanksgiving approaches, and then it’s basically nappy time between Thanksgiving and Christmas.
Oh absolutely true. I was just commenting that it won’t show in the numbers.
Point made by Starboard in the original thread on this story:
A ZH poster made the point that in a normal world people would look at this weak number (162K) and say the Fed has been doing everything in their power, yet the numbers after 5 years are still bad.
One thing at this point should be perfectly clear: Trillions of dollars spent by the central planners have failed to improve the economy. We will pay a very high price in the future for this epic failure and the resulting economic distortions.
Except that the mass retirement of baby boomers should be opening up scads of jobs. It would be even better than 1:1 replacement since you’d be replacing experienced, top of wage scale workers with less-skilled workers, so you could afford to hire more than one replacement.