Unemployment Rate Falls to 9.5 Percent as the Labor Force Shrinks
Friday, July 02, 2010 at 9:15 am
The good news? The unemployment rate fell to 9.5 percent — the lowest rate in a year. The bad news? It only fell that much because so many people left the labor force, possibly out of discouragement.
In June, employers cut a total of 125,000 jobs, the most since October. But the number is a bit difficult to parse, since 225,000 temporary census worker positions ended. Private businesses added 83,000 jobs, more than in May but fewer than in March and April. All in all, 652,000 people left the labor force.
A total of 14.6 million Americans were looking for work in June. The economy has eight million fewer jobs than when the recession started. It takes 100,000 new jobs a month to keep up with long-term growth in the labor force, and around 200,000 jobs a month to cut into the unemployment rate.
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Comment posted July 2, 2010 @ 1:59 pm
how is this even a freaking story? Why even post this? My last unemployment check was from June 8th because I fell one week behind the May deadline for federal extended benefits. Does that mean I ceased to exist? Along with the hundreds of thousands who “cease to exist” when they are no longer counted?
At this rate the United States will have to set up government suicide booths… they would be cheaper than the millions just wasted on expired flu vaccine…
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Comment posted July 2, 2010 @ 6:33 pm
Who finds it ironic that the federal government implements SOX to counter Enron style accounting when they engage in Enron accounting for their unemployment numbers?
Comment posted July 2, 2010 @ 9:25 pm
Annie, helps to be able to do simple math. Millions of Americans graduated high school or college and are presumably looking for work. With those millions of Americans in mind, can you and the rest of a math-challenged media kindly explain just how we get, 83,000 new jobs, 652,000 left the work force, unemployment declines from 9.8 to 9.5%? In other words, what in the hell happened to those millions of Americans presumably now looking for full time work, having graduated high school or college? I would suggest it is the wrong month to claim that the work force (those employed and looking for work) shrank by 652,000 when millions of Americans graduated and are looking for work. The only way that it is possible if a nearly equal number of Americans, in the millions, gave up looking for work. If that happened, and I doubt that it did, but if so, then this is a recession with slow recovery, but a depression instead. And a depression that is killing the hopes of millions of Americans a month. So would it be too much to ask for one of you in the media to actually sit down, think, and write a piece on just what complete and utter fabrication these numbers are, and demand that our government start to speak the truth to the American people. Or have you and the rest no sense of what it means to be patriotic?
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Comment posted April 26, 2011 @ 5:53 am
the hell happened to those millions of Americans presumably now looking for full time work, having graduated high school or college? I would suggest it is the wrong month to claim that the work force (those employed and looking for work) shrank by 652,000 when millions of Americans graduated and are looking for work. The only way that it is possible if a nearly equal number of Americans, in the millions, gave up looking for work. If that happened, and I
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