Not great news, but much better than expected. Still, we have to remember how many long-term unemployed are no longer counted in these stats.
And we have to remember no one is reporting if these are good jobs or low paying, non-benefit jobs-as has been the trend- while we see the continuing disappearance of more good, high paying jobs with benefits like Health Insurance…
The job market strengthened in July, a welcome piece of good news that sharply contrasted other recent readings pointing toward an economic slowdown.
Employers added 117,000 jobs last month, well above the 46,000 jobs added in June, and easily topping the 75,000 gain predicted by economists surveyed by CNNMoney.
Weak job reports for both May and June were revised higher, adding a combined 56,000 jobs for the year.
Businesses were busy hiring, adding 154,000 workers in the month, topping forecasts of 100,000 new jobs. But those gains were tempered by a loss of 37,000 government jobs, mostly from state and local governments, where budget shortfalls led to layoffs in July, especially in Minnesota where the government was briefly shut down.
The unemployment rate ticked down to 9.1%. The Labor Department said the improvement was mostly due to people leaving the labor force.
Still, 13.9 million Americans remain unemployed, 44% of which have been out of work for six months or longer.
After a shockingly weak jobs number from June and a spate of other negative economic readings that followed, many economists had been bracing for the worst from Friday’s report.
In just the last week, data on consumer spending, manufacturing, job cuts and gross domestic product have all raised concerns that the slowing economy could fall back into recession. Major stock indexes have lost 10% of their value in the last two weeks amid growing worries.
Stock futures turned significantly higher immediately following the report.
One response to “Finally a Little Good Economic News: July Jobs Report: Hiring Picks Up”
The article says that average hourly wages increased a little, so a number of the jobs – such as they were – were better somewhat paying than the previous average.
To put in better perspective though, America added jobs equal to approximately 50% of its monthly population increase. That’s better than the last couple of months but still very, very bad.