July 3, 2010 by Post Team
Employment Report:Yesterday’s employment report June 2010, the Labor Department paints a bleak picture. The U.S. economy is still far from recovery. The national average for the unemployment rate declined to 9.5% from 9.7%. However, this was mainly due to some 650,000 people evacuated from the workforce because they are long-term unemployed who have stopped looking for a job.
The June employment report shows that the U.S. economy had a net loss of 125,000 jobs. Most of these consist of the 225,000 jobs lost temporary Census. The private sector created only 83,000 jobs around, almost half of the vacation industry.
Nationally, the June employment report states that we are still some 7.3 million fewer jobs than when you started the Great Recession. industries in key economic sectors such as manufacturing, construction and financial resources are still anemic. Thursday’s report showed a drop in unemployment in the three sectors.
The ADP payroll report this week showed that only 13,000 new jobs created, mostly by large corporations. Medium-sized businesses with 50-500 employees, accounted for only 3,000 new jobs. Worst of all was a net loss of jobs by small businesses, usually the section which adds new jobs.
No matter how you spin the numbers, the June employment report from the Labor Department was bad news for the Obama administration. Despite the decline in the unemployment rate to 9.5%, there was a statistical decrease and not an indicator of improvement. The actual employment rate of the population fell from 58.7% in May to 58.5% in June, almost a full point from 59.4% a year ago. The stimulus failed and now is the time to consider an alternative to Keynesian models and methods of recovery.
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