August 01, 2024

Job News Not Good

Granted, employeement tends to be a lagging indicator, but still:

The nation's unemployment rate declined to 6.2 percent in July as nearly half a million discouraged Americans stopped looking for a job. Payrolls were cut for the sixth month in a row, suggesting that businesses remain cautious and want to keep work forces leans despite budding signs of an economic revival.

The Labor Department's report Friday pained a picture of a job market that remains stubbornly sluggish and continues to frustrate people looking for work. The economy lost 44,000 jobs in July. While that's an improvement from the 72,000 shed in June, economists were hoping that positions would actually be added. They were forecasting payrolls to go up by around 10,000.

Although the jobless rate dipped to a two-month low of 6.2 percent from a nine-year high of 6.4 percent in June, much of decline's July represented the exodus of 470,000 discouraged people who abandoned job searches because they believed no jobs were available.

Source: Jobless Rate Falls to 6.2%, but Payrolls Slump

Posted by Steven at August 1, 2024 08:59 AM | TrackBack
Comments

And combined with the GDP number composed almost entirely of the record millitary spending during the war, it doesn't look very good does it?

Posted by: John at August 1, 2024 11:47 AM
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