⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐
The Washington Independent
The Washington Independent

Monthly employment report shows slow job growth

The Bureau of Labor Statistics released Friday its monthly jobs report showing that the unemployment rate declined from 9.8 percent to 9.4 percent -- a decrease

Daniel James
News
Last updated: Jul 31, 2020 | Jan 07, 2011

The Bureau of Labor Statistics released Friday its monthly jobs report showing that the unemployment rate declined from 9.8 percent to 9.4 percent — a decrease that is less remarkable upon further examination. The economy added 103,000 jobs in the last month — with the private sector adding 113,000 jobs and the public sector shrinking by 10,000.

But it’s simply not good enough news given the magnitude of the unemployment crisis. About 8.4 million jobs were lost during the recession. The economy needs to gain 100,000 to 125,000 jobs a month to keep up with population growth. The Wall Street Journal notes that this month’s job growth just isn’t fast enough: “The U.S. unemployment rate is unlikely to move much lower if job gains continue only at December’s pace. Even employment gains close to October’s pace (210,000 jobs) would take us into the next decade before seeing the unemployment rate back near 5%.”

The most troubling news is that the number of discouraged workers increased significantly from last year. The amount of discouraged workers — those unemployed but not looking for work within the past month — rose by 389,000 to 1.3 million from December 2009. (Data is only collected on a yearly basis.) That number is not included in the unemployment rate, since those persons are not in the labor force.

Among the unemployed, 44.3 percent of them have been out of work for 27 weeks or more and are counted as long-term unemployed. Despite 2010 being tied for the highest annual unemployment rate since 1948, employers are still wary of hiring people who have not been out of work for long.

Some job growth is better than none, or job losses. But it’s far from a recovery.

Update: The President spoke on the jobs report this morning in Maryland. He called the jobs report “positive,” but said it only “underscores the importance of not letting up on our efforts.”

Daniel James | Daniel James is an author, keynote speaker, and entrepreneur who is a professional coach and gerontologist. Daniel holds a bachelor's degree from Georgia Tech, a master's degree from UCLA, a diploma in gerontology from the University of Boston, as well as a Professional Coaching Certification.

Related

MA-Sen: 150 Conservative Bloggers Fan Out, Looking for Scandals

BOSTON -- The mysterious Election Journal blog, which first released the infamous 2008 video of two bumbling New Black Panther Party members waving nightsticks

MA-Sen: 66 to 19

BOSTON -- That, via Alex Isenstadt and Josh Kraushaar, is the number that defined the Massachusetts Senate race more than anything else. From the primary

MA-Sen: A Text Message From Scott Brown

BOSTON -- Having signed up for Scott Brown’s text message service for election day, I just got this text: Are you about to have lunch? It’s a great time to

MA-Sen: Loyal Democrats Grouse About Coakley

BOSTON -- A little while after noon, a steady crowd of Democratic voters streamed into the Cathedral High School Gymnasium to cast votes for their party’s

MA-Sen: Brown Wins

BOSTON -- At 9:20, the first rumors of Scott Brown’s victory in the Massachusetts Senate race started to work around the room. A moment later, Doug Flutie

MA-Sen Photos: ‘Paint the Town Red! Croakley’s Dead!’

Below are some photos of yesterday’s People’s Rally in Worcester, the rally that Brown held to counter-program the Obama rally in Boston. The crush of

MA-Sen: Out-of-Staters for Brown

BOSTON -- A surprising discovery at yesterday’s People’s Rally in Worcester was just how many people had traveled into the state to assist, in whatever way,

Menendez, Lautenberg to Continue BP-Lockerbie Investigation

Sens. Robert Menendez and Frank Lautenberg, both New Jersey Democrats, will continue to seek details about BP’s alleged involvement in the release last year of

Net Investors Bullish on Palin’s Prospects for Staying on Ticket

Just for fun, the Internet prediction Website Intrade has opened a contract on whether Alaska Gov. Sarah Palin will be withdrawn as McCain’s running mate.

No Experience Necessary

Gov. Sarah Palin’s a middle-class hockey mom, but does that really qualify her to be vice president?

© Copyright 2022 The Washington Independent All Rights Reserved

Terms & Privacy | twi.news@washingtonindependent.com

⭐🔥 Click here to check Latest Celeb News & Celebrity Gossip in 2022! 🔥⭐