U.S. Adds Just 162,000 Jobs in July, Rate Falls To 7.4%

Fox Business ^ | Aug. 2, 2013 | Dunstan Prial

[Mad Dawgg]

The U.S. economy added just 162,000 jobs in July, well below expectations and not nearly enough to alter the Federal Reserve’s 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.

[jpsb]

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.

[GeronL]

You just keep manipulating the numbers until they say what you want them to say.

[kabar]

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.

[Mad Dawgg]

Thanks! I am bookmarking that one!

[LibLieSlayer]

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.

LLS

[kabar]

We need to create 150,000 jobs a month just to keep up with immigration. We bring in 1.2 million permanent legal immigrants a year plus another 700,000 temporary workers annually.

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.

[edcoil]

The problem belongs to both parties.

What geniuses sent millions of manufacturing jobs to Asia without any replacement opportunities?

Liberals.

Their hatred for this country is self evident and anything that destroy it makes them happy.

[7thson]

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.

[MrB]

The “rate” falls when you mess with the denominator in the equation.

[alloysteel]

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”.

[albie]

By election time it’ll be at 0.1%!! I can hardly wait! My unicorn only sh##’s green Skittles!

[ecomcon]

She IS being disciplined.

[Cheerio]

Obamanomics: "less people working means less people applying for Unemployment means Unemployment numbers fall means economy is doing great...!"

This is exactly what they are reporting on news this morning - "New jobs were "Unexpectedly" below forecast but the bright side is the unemployment rate dropped under Dear Reader's brilliant guidance of America."

[EBH]

You only have to work ONE HOUR, EVEN BABYSITTING , DURING THE REFERENCE WEEK TO BE CONSIDERED EMPLOYED.

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.

[RetiredArmy]

Fed BS.

[C210N]

By election time it’ll be at 0.1%!!

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.

[Innovative]

Obamacare Full Frontal: Of 953,000 Jobs Created In 2013, 77%, Or 731,000 Are Part-Time

http://www.zerohedge.com/news/2013-08-02/obamacare-full-frontal-953000-jobs-created-2013-77-or-731000-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?!

[Zuse]

More disability, part time, early retirement, off the books, etc.

[musicman]

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