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The economy shed 131,000 jobs, as 143,000 temporary Census workers fell off federal payrolls. Private-sector employment grew by 71,000 in July after a downwardly revised 31,000 in June. Government employment, not counting Census workers, fell by 59,000.
The unemployment rate held steady at 9.5% largely because people gave up hope of finding work and left the labor force.
The latest figures confirm the labor market has lost much of its momentum in recent months. The private sector has added 90,000 jobs a month on average so far this year, well below the 125,000 needed monthly just to keep up with population growth, let alone recover the eight million jobs lost during the recession. Two-thirds of the private-sector job creation this year occurred in March and April, when the economy's trajectory appeared stronger.
"It's a double whammy because it causes people to take a psychological step back," said Tig Gilliam, chief executive of Adecco Group North America, the staffing firm. "Now, it looks like not only has the economy slowed, but maybe it wasn't as good when it was originally reported as we thought."
U.S. Employers Shed 131,000 Jobs in July; Unemployment Rate Steady at 9.5% - WSJ.com
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- Public Discussion (9)
You have published the unrevised data...it's worse than they are revealing to us....http://gozounlimited.newsvine.com/_news/2010/08/07/4840518-ugly-non-farm-payrolls-revisions
Ugly Non-Farm Payrolls Revisions
- 2 votes
#1 - Sat Aug 7, 2010 1:37 PM EDTContext is everything, the jobs shed were census workers, the 75k+ jobs gained were in the private sector. The economy is progressing, the unemployment rate is lower than last year or the year before. Half full or half empty depends on your faith in American employers and workers. I happen to believe in America.
#2 - Sat Aug 7, 2010 1:48 PM EDTAt this time in Reagan's presidency he was still losing jobs and continued losing them into the next year of his presidency. When Obama took over we were losing jobs by hundreds of thousands every month. Now we are gaining jobs. All three American auto makers made money so far this year. Wall Street is going gang busters. Manufacturing is expanding. We are on the way back thanks to the recovery work of the Obama administration and the Democratic Congress in spite of the obstructionism of the Republicans who want us to fail so they can blame the Democrats. Let's keep the facts in sight and not listen slavishly to the WSJ which loves conservative policy.
#3 - Sat Aug 7, 2010 2:30 PM EDTdemo
Now we are gaining jobs.
Sit down and take a pill will you?! We're not gaining jobs and the seasonally adjusted unemployment rate is higher this July than last year at this time! June's job creation was revised down to -221,000 from a previous -125,000! In the last 2 months we've lost around a quarter of a million jobs!
http://www.bls.gov/news.release/empsit.t15.htm
All three American auto makers made money so far this year. Wall Street is going gang busters
The auto companies were bailed out. If someone bailed you out with a ton of money you too would be making money. BTW: Some of that bailout money is now going toward the building of a facility in China.
http://www.thegreencarwebsite.co.uk/blog/index.php/2010/07/21/gm-to-launch-advanced-technical-facility-in-china/
Manufacturing is expanding.
Yes, overseas!
- 3 votes
The private sector totaled a pathetic 71,000 jobs created while the government sector lost jobs! Let’s understand that the devil is often the details. An important question is: Where are those jobs? I suspect many are low-paying jobs like Wal-Mart, Burger King and Dunkin Donuts! In other words, they’re the type of jobs that cannot sustain the living standards of this nation, excepting of course those at the top who are the criminals that tanked this economy and are now wallowing in profits.
This economy is in depression although the propagandists insist we’re out of recession and into recovery. But then again, the propagandists get paid quite well to keep the rest of us deaf, dumb and blind to the things that are really going on. This economy is meandering and things don’t look good for the near future.
Pacific Blogger
The economy is progressing, ….
Looks to me like things are getting worse for Mr. and Mrs. Average.
the unemployment rate is lower than last year or the year before.
If you use U-3 category as reported by the Bureau of Labor Statistics (BLS):
The seasonally rate was higher this July (9.5%) than July of 2009 (9.4%).
If you use U-6 category which is the most comprehensive of the categories in regard to both employment and underemployment:
The seasonally adjusted rate was higher this July (16.5%) than July of 2009 (16.4%).
- 2 votes
#4 - Sat Aug 7, 2010 3:52 PM EDTWAKE UP AMERICANS! We are not on any road to recovery, WE ARE IN A DEPRESSION. Do not disregard the Census employee lay offs. Most of them took those jobs because there weren't any other jobs available at the time. And as I recall the Obama promise was that by the time the Census bureau laid off all those workers across the Nation we would be well into "RECOVERY". HA! Oh and I'm so glad those bailed out Auto Makers are making money-they shouldn't have been bailed out in the first place ( I need a new car or even a decent used one, but I'm still waiting for the Gov't to send it to ME). Ford didn't ask for money, ponder that for a few minutes..maybe they actually look at their profits and loses and don't expect the Gov't to bail them out every few years. I think Ford felt shamed the first time they got bailed out. Too bad the others don't feel that way. Soon the Holidays will be here again. Crime will be on the rise, Macy's will be reporting sales are down.....When will it actually End? Obama needs to do a lil less talking and a lot more Action for the people, not the people in Haiti, or wherever else He's sending Billions on dollars to. Don't get me wrong, if our Economy was stable then I'm all for helping other countries. But we are in no position to do so, Americans should be the Priority.
- 2 votes
#5 - Sat Aug 7, 2010 8:46 PM EDTSee-Delight
I agree with just about everything you wrote except if is was me I would castigate the previous four administrations and their free-for-all economics which took 30 years to show "it's fruits". Previous to the Great Depression, times were great times - for the super-rich that is. Look at what happened in 1929 and that which followed. Some would say that it seems as though we as a nation never learned anything. In fact we did, nonetheless our political leaders continue to fill their pockets and serve the best interests of the super rich.
- 2 votes
For eight years, under the bush administration, The Carlyle group enjoyed a very lenient tax burden. They profited enormously during those eight years while the average American's wage has remained stagnant and in some sectors of the economy declined. Now in the face of a possible 4% tax hike under the Obama Administration the Carlyle group has decided it is in their best interest to invest $1.4 trillion (1/12 of the national debt) in third world countries such as China, Brazil, and India. According to Doing Business Database, all three of these countries have a higher effective and statutory tax rates. This leaves one to consider who is actually sabotaging the American economy.
Thanks Carlyle group for your gratitude to the American people. (economic extortion)
Report: Obama Launches New Program to Help Corporations "Take Advantage of Low Labor Costs" Abroad
by: David Sirota
Thu Aug 05, 2010 at 11:15
It appears that economic extortion is working………………
Is it possible that we are being set up by big money; and when I say big money, I don't mean American. The money I am talking about is international corporations; some of them Chinese. Take a look who's buying up all the U.S. debt.
Here's a hypothetical; all of our jobs have gone overseas because the American wage is one of the highs in the world. Is it possible that what is trying to be accomplished is a one world economy. If this is true, the American wage has either got to come down, or the wages of emerge economy's China has got to go up. It is simple economics. So what do you do to accomplish this?
You extract as many factory and IT jobs out of the country with the low cost of labor in your country (this process began in the 70’s). Use your money and the leverage of your profits to buy U.S. Securities and to buy political power. Using political influence, stalemate the immigration laws to drawl in cheap labor from the southern borders, thereby, sopping up whenever jobs you can't move out of the country; such as construction, and various other menial jobs; provided offshore tax shelters and deregulate the Financial System as well. Next you start supplying money for loans that people can't afford. As more and more people start losing their jobs, they start to default on their loans. Those who hold the paper of these bad loans can now take possession of all the properties. Now you own land in America and you didn't have to fire a shot to get it. The next thing that happens is the economy begins to crash under the weight of entitlements and taxes. People can't find work. The unemployed start to get hungry. What do you think a hungry individual is going to do when offered a job for 2.50 an hour? They are going to take it and eat their low quality food with their chopsticks.
Is it a coincidence that the European and American economies are the ones that are most under stress (hint; they pay the highest wages)
DaVinci-984257
Thanks, and I do agree with you. You have a great point. I think Gov't chooses NOT to learn from their mistakes, possibly they would -if the people 'ALL THE PEOPLE' stood up and said...gov't employees will now make minimum wage for the next 6 months HA HA! Wouldn't that be a scramble. This is worse than the GREAT DEPRESSION, taxes are higher, barter & trade is virtually non-existent so we are forced to purchase EVERYTHING with $$ that a lot of people don't have. There has to be an answer. Our country as we knew it is going to crumble, if something REAL isn't done....Is there an honest person working in the White-house that really wants America and it's people to survive this?
- 1 vote
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