Another 131,000 jobs lost in July – May and June numbers also revised downward

urkelHow’s that “Summer of Recovery” thing working out for you? Another 131,000 jobs were lost in July. In addition, May and June actually saw 97,000 fewer jobs gained, then previously reported by the Obama regime. No wonder Christian Romer quit the Obama regime to go back to teaching at commie UC Berkley. Somehow, despite the job losses in July, and fewer jobs added than previously reported in May or June, the unemployment rate didn’t change from June’s level at 9.5%. A bit fishy don’t you think? According to CNBC, analysts polled by Reuters had forecasted a loss of 65,000 total jobs and private-sector hiring increasing by 90,000. So much for that. It’s all Bush’s fault.

“We’re seeing an economy that’s moving ahead slowly but not creating net on balance a lot of new jobs, and it points to continued expectations the economic slowdown we’ve seen will probably extend another two to three months, if not longer,” said Fred Dickson, chief market strategist at The Davidson Cos. in Lake Oswego, Ore.

The unemployment rate was unchanged at 9.5 percent in July, just below market expectations for a rise to 9.6 percent. The steady jobless rate largely reflected a drop in the labor force as discouraged workers gave up the search for jobs.

Job growth has taken a step back after fairly strong gains between February and April, putting in jeopardy the economy’s recovery from its worst downturn since the 1930s.

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August 6, 2010 · Filed Under economy


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