Discouraging, Lackluster Jobs Report: Only 71,000 New Jobs, 131,000 Lost
August 6, 2010
(ChattahBox)—The Department of Labor released its monthly jobs report on Friday and the numbers are certainly discouraging. The report shows a steady, but slow increase in job creation for the third consecutive month, but it’s not enough to keep up with the continuing decline in employment. Only 71,000 new jobs were created in July, while “nonfarm payroll employment declined by 131,000,” according to the report. Additionally, a change to June’s job numbers, revised private sector hires down from 83,000 to 31,000. The overall picture depicts an economy that’s dragging and sputtering to survive, while corporate America refuses to add to its payrolls, while enjoying record profits.
At least the jobless rate didn’t climb above 9.5 percent.
“Both the number of unemployed persons, at 14.6 million, and the unemployment
rate, at 9.5 percent, were unchanged in July.”
The labor report noted that the decline in the nonfarm payroll was primarily attributed to the end of part-time census jobs.
“Total nonfarm payroll employment decreased by 131,000 in July, reflecting the
departure of 143,000 temporary Census 2010 workers from federal government pay-
Christina Romer, chair of the White House’s Council of Economic Advisers, released a statement stressing the need for a Congressional jobs bill:
“We have made substantial progress from the days when employment was declining by 750,000 a month,” she said. “But, today’s employment report emphasizes just how important the additional jobs measures before Congress are. In addition to the state fiscal relief nearing passage, the president strongly supports the small business jobs bill and targeted incentives for clean energy investments.”
With Republicans filibustering a Democratic jobs bill for political gain before the mid-term elections, it’s unlikely a legislative solution can be arrived at to put Americans back to work.
And with corporations sitting on record capital, but still hesitant to hire workers, our economy and unemployment rate will continue on its lackluster path. Certainly grim news to start off our weekend.