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US Economy Adds 163,000 Jobs But Unemployment Rate Up

US Economy Adds 163,000 Jobs But Unemployment Rate Up

The US added 163,000 jobs in July according to figures released by the Labor Department today. The unemployment rate rose, to 8.3 percent from 8.2 percent.

12.8 million were unemployed in July, the same amount as in June.

About 8.8 million jobs were lost  in the 18-month recession that ended in June 2009. Through June, the US has recovered about 3.8 million jobs.

Sluggish, tepid, a snail’s pace: These are the words to describe the recovery from the Great Recession, it seems. The New York Times points out:

For context, the economy now produces as many goods and services — more, in fact — than it did before the downturn officially began in December 2007. But it does so with almost five million fewer jobs.

The economy is adding jobs but at a rate that is barely staying ahead of growth in the labor force. About 100,000 jobs need to be added per month to keep the joblessness rate the same and roughly 150,000 to 200,000 to lower it.

More Americans do seem optimistic about finding a job. The number of “discouraged workers” who are not looking for work because they believe there are no jobs, has fallen by 267,000 to 852,000.

But companies have been cutting jobs: Morgan Stanley has cut 4,000 in 2012 and Cisco announced it is cutting 1,300 or about 2 percent of its workforce.

Consumer spending has been slowing down, in the face of economic declines in Europe and, says Bloomberg, with businesses anticipating the so-called “fiscal cliff,” impending increases in taxes and reduced spending by government agencies if Congress does not act by next year concerning $1.2 trillion in across-the-board cuts to federal spending. For instance, Lockheed Martin Corp., the largest defense contractor in the world, may have to let go of about 10,000 of its 120,000 employees.

The “one bright spot” according to some economists is that Friday’s report may spur the Federal Reserve to act, though it’s debatable how much such measures may help. After a two-day meeting earlier this week, the Fed said that unemployment “remains elevated” and predicted that economic growth will “remain moderate over coming quarters and then … pick up very gradually.”

 

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76 comments

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11:17AM PDT on Aug 25, 2012

I want to thank one and all for your efforts in showing Mr. Bill the truth in spite of his insistence on fantasy and distortion. Unfortunately I hadn't run across this forum sooner or I would have gladly jumped in.

5:09PM PDT on Aug 12, 2012

Bill Reese.,

Blah, blah blah... Faux News... Blah, blah, blah Michelle ... Bachmann... Blah, blah, blah... Sarah Palin... Blah, blah, blah ... Faux News... Blah, blah, blah... Rush Limbaugh... Blah, blah, blah... John Boehner... Blah, blah, blah... Faux News... Blah, blah ,blah ... Mitch McConnell... Blah, blah, blah... Paul Ryan... Blah, blah, blah... Faux News... Blah, blah, blah.... ETC...

It is always the same fact-less recycled tripe that has no meaning to anyone but the people in YOUR crowd that speak YOUR language of nonsense!!!

4:26PM PDT on Aug 12, 2012

You keep referring to FOX NEWS, I think I have mentioned it once or twice when I had seen it talking about the DNC or Obama on the internet, but it looks as if I need to hook up my television for this upcoming election after not having it since 2004. From what you are saying all of us should be watching Fox News and get the straight skinny on Obama and his dirty tricks.
Thank you for the positive tip, you are a big help.

11:15AM PDT on Aug 12, 2012

Yeah Bill, I know: ... it is a version of Republicanese!

Republicaneese... That is a language that is based mostly on opposites and projecting your own faults onto your opponents.

It is a language that is used primarily by Republican politicians, but more recently is being used by their follower's too... due to the excessive use of it on Fox (Faux) News! As it is readily apparent in a very few of the comments here...

Most non-Republicans can identify and translate these comments quite easily due to the lack of common sense and lack of ANY facts available to support the statements being made.

More often than not, the speaker of this language is totally unaware that the listener's perception of the speakers mental abilities drops exponentially with every word!

11:04AM PDT on Aug 12, 2012

Oops, my spell check did not recognize the big solyndra scandal and used Yolanda instead of
solyndra scandal.

My fault, I did not check the wording correctly.

11:00AM PDT on Aug 12, 2012

Let me see, first of all I am not insane and keep using "Blah" so many times that the normal reader skips the whole blog. I am not quoting Rush L. and I do not call Liberals "bleeding hearts" you are the one calling them bleeding hearts.

I am not frustrated, as I love to see people like the liberals on this care2 site trying to defend, our high unemployment, our high gas prices, our high food prices, the giveaway of millions of dollars to Yolanda (sp) and other green companies that failed. The liberal are trying to defend the lies in recent ads against Romney, when the ad blames Romney for the death of a cancer stricken woman, for claiming he has not paid taxes for 10 years, or for being wishy washy on Obamacare. The DNC has pulled out all the stops in trying to derail Romney from getting the word out to the public. Obama needs to produce his college records if he expects Romney to produce his tax returns. Life is getting to be fun the closer we get to the election except for liberals Democrats like David.

6:20AM PDT on Aug 12, 2012

Somebody sounds bitter that the tactics that they use are being used on them! Don't hate the doctor for telling you that you got cancer from smoking cigarettes!!!

I think it is quite curious that Bill and most other Republicans just do not get that they are the only ones that are being fooled...

It IS cute though, when he gets SO frustrated that people that are not Republicans have NOT bought the lies hook-line-and-sinker. Or when we even refuse to discuss so-called facts that have absolutely NO basis in fact at all...

This reminds me of many instances when Rush Limbaugh make slanderous statements against people that have no basis in fact and the way he tries to "spin" it to make it seem as though the fact he made those statements was the victims fault... SO typical (and predictable) when it comes to the analyzing of the behavior of Republican supporters!

They also refer to us as "bleeding-heart Liberals" because we are ABLE to care about our fellow man, the environment, and the over-all well being of all inhabitants of this planet! When in reality, I think that they are jealous that we feel compassion and they can only fain the appearance of it!!! This is the fundamental difference between Republicans and those that are not...

10:15AM PDT on Aug 11, 2012

David you are repeating yourself and you are starting to sound like, well, that was just an ugly thought, and it would lower me to your level of attacking the messenger. So I looked and found no message in any of what you write. It does sound sort of dumb on your part, but I respect your right to say nothing or repeat your self as many trolls do.

3:48AM PDT on Aug 11, 2012

Good morning Bill Reese.,

Blah, blah blah... Faux News... Blah, blah, blah Michelle ... Bachmann... Blah, blah, blah... Sarah Palin... Blah, blah, blah ... Faux News... Blah, blah, blah... Rush Limbaugh... Blah, blah, blah... John Boehner... Blah, blah, blah... Faux News... Blah, blah ,blah ... Mitch McConnell... Blah, blah, blah... Paul Ryan... Blah, blah, blah... Faux News... Blah, blah, blah.... ETC...

It is always the same fact-less recycled tripe that has no meaning to anyone but the people in YOUR crowd that speak YOUR language of nonsense!!!

9:30PM PDT on Aug 10, 2012

I accept your personal attack with pride as you must not have an answer to the message. Sure sounds a lot like Obama, he has nothing positive from his four years to build upon and now he is trying to attack Romney with lie and false advertising. One is where someone says says, or implies that Romney gave his wife Cancer. Another is that if we owned a business and it was successful we had help. The guy has lost it.
The liberal wing of the Democratic party has gone off the deep end and if you do not agree with them then it is attack, attack and attack. I feel sorry for them as most conservitive Democrats, Independents, and Republicans do also as they have made FOX the number 1 Television show in the land.

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