Jobs Report Mixed Bag: 67,000 Jobs Created, Unemployment Climbs to 9.6%
September 3, 2010
(ChattahBox)–Happy Labor Day America! The much anticipated jobs report from the Department of Labor was released today. And the consensus is that it’s not as bad as some economists predicted, but it’s not great. Private sector jobs are being created at a sluggish pace and the unemployment rate inched up from 9.5 percent to 9.6 percent. The good news? The 2010 nonfarm payroll employment numbers for June and July were recalculated, to show a more positive picture.
Robert Reich, former secretary of labor in the Clinton administration, penned a must-read, if not depressing Op-Ed, in The New York Times today, noting that this Labor Day holiday will be a grim one for many Americans, with the middle-class American dream, maybe lost forever, unless bold steps are taken by our leaders to reform the economy. But in this vitriolic partisan climate, that’s unlikely to happen.
“THIS promises to be the worst Labor Day in the memory of most Americans. Organized labor is down to about 7 percent of the private work force. Members of non-organized labor — most of the rest of us — are unemployed, underemployed or underwater, writes Reich.” Are you ready to dive off a building onto a red Dodge charger yet?
The August report from the Bureau of Labor Statistics shows 67,000 private sector jobs created, with 54,000 nonfarm payroll jobs lost and the loss of 121,000 government jobs.
Economists had predicted a decline in nonfarm payrolls of 105,000 and the creation of only 41,000 private sector jobs.
The unemployment rate inched up slightly, mostly attributed to the loss of U.S. Census jobs. But a look at the numbers by category shows the complete jobless picture.
“Among the major worker groups, the unemployment rate for adult men was 9.8 percent, adult women 8.0 percent, teenagers 26.3 percent, whites 8.7 percent, blacks 16.3 percent, and Hispanics 12.0 percent. The jobless rate for Asians was 7.2 percent, not season-ally adjusted.”
Another bright spot: “The change in total nonfarm payroll employment for June was revised from -221,000 to -175,000, and the change for July was revised from -131,000 to -54,000.”
Overall, jobs are being created and the economy is improving, but at a sluggish pace. While 67,000 new jobs is encouraging, we need 125,000 new jobs to maintain full employment.
President Obama is scheduled to speak about the jobs report this morning, wherein he is expected to pressure the Republicans in the Senate to stop blocking the small business jobs bill.