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US Economy: Weak Hiring Report

The U.S. economy created 162,000 jobs in July according to data released by the federal government – less than the expected number of 185,000 (and less than June’s revised total of 188,000). The bad news comes on the heels of a depressing report on America’s broader economic growth – or lack thereof….

The U.S. economy created 162,000 jobs in July according to data released by the federal government – less than the expected number of 185,000 (and less than June’s revised total of 188,000).

The bad news comes on the heels of a depressing report on America’s broader economic growth – or lack thereof.

Also, as has been the case for months, most of the new jobs “created” by the economy are part-time positions – a critical distinction which is rarely reported on by the mainstream media. In fact through the first seven months of 2013, a whopping 77 percent of the jobs “created” by the economy are part-time (731,000 out of 953,000).

(For more on this trend, check out this post from Zero Hedge – one of the few outlets which tells the whole truth on economic news).

Officially, America’s unemployment rate edged down from 7.5 percent to 7.4 percent  – although that was due to a decline in the labor participation rate (the percentage of working age population either employed or actively searching for a job). That rate currently stands at 63.4 percent – one-tenth of a percentage point above its 34-year-low.

These are terrible numbers … and they are unlikely to improve anytime soon. For example the construction industry – which is supposed to be driving the broader “recovery” – actually lost workers last month.

To view the official release from the U.S. Bureau of Labor Statistics (BLS), click on the link below …

AUGUST 2013 EMPLOYMENT SITUATION REPORT

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4 comments

? August 2, 2013 at 11:04 am

Govt statistics show unemployment rate going down…..private sector statistician that formerly worked for BLS showing unemployment going “up”:

http://www.shadowstats.com/alternate_data/unemployment-charts

I’m sure we can trust our gov’t to issue the correct statistics. They have a long track record of obeying their own laws and not lying to us.

Keep the faith people. Peace out.

Reply
? August 2, 2013 at 11:04 am

Govt statistics show unemployment rate going down…..private sector statistician that formerly worked for BLS showing unemployment going “up”:

http://www.shadowstats.com/alternate_data/unemployment-charts

I’m sure we can trust our gov’t to issue the correct statistics. They have a long track record of obeying their own laws and not lying to us.

Keep the faith people. Peace out.

Reply
Jay Ellington August 2, 2013 at 11:24 am

Thank god I’ve never had to step foot on the floor of a job fair.

Reply
The Ghost of Fat Greg Dulli August 2, 2013 at 11:24 am

Thank god I’ve never had to step foot on the floor of a job fair.

Reply

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