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Willisms

« Obama's Texas Visit. | WILLisms.com | Trivia Tidbit of the Day: Part 851 -- The Texas Economy. »

Trivia Tidbit of the Day: Part 850 -- Jobless Recovery.

Mixed But Mostly Bad National Numbers-

The new normal:

july2010.gif
The July jobs report reveals an economy struggling to add jobs. While private sector jobs have increased by 151,000 over the last three months, this job growth is slower than that of March and April. An average of 50,000 new private jobs a month is disappointing for this stage of a recovery and will not lower the unemployment rate. The unemployment rate remained flat at 9.5 percent in part because 181,000 workers exited the labor force. The labor force participation rate dropped to 64.6 percent, matching its low for the recession that was set in December 2009.

The labor force increased in the first half of the year but has steadily declined since its April peak of 65.2 percent. Both adult men and women have seen their participation rate drop by 0.6 percentage points since April, while teenagers’ participation rate has dropped 1.3 percentage points.

Job gains in the private sector were scattered. Manufacturing (36,000) and health care (27,800) had strong increases. Construction (–11,000), financial services (–17,000), and professional business services (–13,000) were the big losers. Government hiring fell by 202,000, with 143,000 of those losses attributable to temporary census workers. State and local workers (–48,000) had one of the sharpest job declines of this recession. Another signal indicating a weakening labor market is the drop in temporary services (–5,600), which had its first decline since the fall.

The President could learn something from his trip to Texas today.

-------------------------------------

Previous Trivia Tidbit: Supreme Court Polarization.

Posted by Will Franklin · 9 August 2010 09:03 AM

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