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“Unemployment rate” holds at 8.2%, job growth stalls

“Unemployment rate” holds at 8.2%, job growth stalls

Just released June numbers:

Nonfarm payroll employment continued to edge up in June (+80,000), and the unemployment rate was unchanged at 8.2 percent, the U.S. Bureau of Labor Statistics reported today. Professional and business services added jobs,
and employment in other major industries changed little over the month.

Household Survey Data

The number of unemployed persons (12.7 million) was essentially unchanged in June, and the unemployment rate held at 8.2 percent. (See table A-1.)

Among the major worker groups, the unemployment rate for blacks (14.4 percent) edged up over the month, while the rates for adult men (7.8 percent), adult women (7.4 percent), teenagers (23.7 percent), whites (7.4 percent),
and Hispanics (11.0 percent) showed little or no change. The jobless rate for Asians was 6.3 percent in June (not seasonally adjusted), little changed from a year earlier. (See tables A-1, A-2, and A-3.)

In June, the number of long-term unemployed (those jobless for 27 weeks and over) was essentially unchanged at 5.4 million. These individuals accounted for 41.9 percent of the unemployed. (See table A-12.)

Both the civilian labor force participation rate and the employment-population ratio were unchanged in June at 63.8 and 58.6 percent, respectively. (See table A-1.)

The really bad news is job growth has stalled:

Total nonfarm payroll employment continued to edge up in June (+80,000). In the second quarter, employment growth averaged 75,000 per month, compared with an average monthly gain of 226,000 for the first quarter of the year. Slower job growth in the second quarter occurred in most major industries.

The full report is here.

What a disaster.  Can’t wait to see how The One spins it.

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Comments

jimzinsocal | July 6, 2012 at 8:47 am

Not good news and people know it. Here we are again after all the pencil sharpening about Tax v penalty and SCOTUS leak distractions facing a pretty grim reality.
And sadly despite liberal claims, Obamacare has no cure for any of this.

    LukeHandCool in reply to jimzinsocal. | July 6, 2012 at 11:34 am

    “Not good news and people know it.”

    I hope you’re right, jimzinsocal.

    I worry about low-information voters who just glance at the headlines.

    When I went into my Yahoo email account just now, the headline is:

    “U.S. Employers Add 80,000 Jobs as Economy Struggles.”

    The low-information voter is led to think, “Not too bad. We’re making progress.”

    If Obama were a Republican, it would read something like:

    “Another Horrendous Jobs Report Slams President.”

      1. I went to Yahoo Finance, and saw this headline: Poor June Jobs Report: Why Companies May Share the Blame (boldface mine).

      Author Daniel Gross has an MSM background:

      Daniel Gross joined Yahoo! Finance in the fall of 2010 as columnist, economics editor, and a co-host of The Daily Ticker. The best-selling author of six books, including (*snip*), Gross has been covering politics, business, and economics for two decades. The longtime “Moneybox” columnist for Slate, he was a staff writer and columnist for Newsweek and a contributor to the “Economic View” column in the New York Times.

      (Boldface mine.) As you note, Luke-san, there is a close relationship between the MSM and the Left; my eyebrows feel entitled to rise at Gross’s headline.

      2. What a disaster. Can’t wait to see how The One spins it.

      Maybe by blaming the private sector along the lines of #1. After all, “the private sector is doing fine”.

        Ragspierre in reply to gs. | July 6, 2012 at 2:13 pm

        It’s those damned kiosks and ATM machines…

        an’, an’ BOOOOOOOOOOOOOOOooooooooooooooooooooooooooooosh….

        LukeHandCool in reply to gs. | July 6, 2012 at 2:47 pm

        Likely original headline:

        “Why Companies May Share the Blame with Bush.”

jimzinsocal | July 6, 2012 at 9:01 am

I notice Healthcare workers + 13,000. What a surprise.
We now follow what I call Zorg Economics: From The Fifth Element:

Zorg: Look at all these little things! So busy now! Notice how each one is useful. A lovely ballet ensues, so full of form and color. Now, think about all those people that created them. Technicians, engineers, hundreds of people, who will be able to feed their children tonight, so those children can grow up big and strong and have little teeny children of their own, and so on and so forth. Thus, adding to the great chain of life. You see, father, by causing a little destruction, I am in fact encouraging life. In reality, you and I are in the same business

    Jaydee77 in reply to jimzinsocal. | July 6, 2012 at 10:24 am

    You will continue to see this because many hospitals/hospital systems are ramping up their EMR (Electronic Medical Records) programs. The government is handing out serious money to incentivize getting these programs up and running ahead of schedule. Think mid to late 90s wild west type job prospects for healthcare IT folks. Its a good thing. For example, my small system employer is hiring several people to implement our EMR program and they are all in the low six figure range.

The AP article also reports that one-third of the job gain came from temp hires.

Catering for Obama fundraisers?

    Very good Browndog! Funny , with a distinct bite of sarcasm. . . The medium – small buisiness Galt reality continues to roll on ,& on ,& on. No other president but a black ,dem president would get away with this. The longer this continues , the harder it will be to turn around. l note the proportions among subsets follows the perceptions of how the group performs as workers. lt shadows obama supporters. Those that get hired are not the whiney loosers who cost more than they generate. . . 4 months Mitt , its past time to pull your head out of your ass!! tick godam tock!

Conservative Beaner | July 6, 2012 at 9:17 am

Congrats Obama, our economy is now like Europe. High unemployment and stagnant job and economic growth. Now that Obamacare is been upheld why would anyone want to hire.

I wonder what the unemployment rate would be if it was calculated using the same size work force as was in place at the end of the Bush era. I’m guessing it would be north of 11%, but I have no idea how to confirm this. Any economists out there?

And, just think…NEXT month will show the full shock of the ObamaCare ruling.

Just a matter of a few more weeks ’til the election…

    jimzinsocal in reply to Ragspierre. | July 6, 2012 at 10:09 am

    Rags thats for sure. Alot of businesses have been sort of on “hold” until the SCOTUS ruling. Now its all real and companies will begin adjusting for effects that will be taking place. There is absolutely no incentive for smallish business to expand beyond 50 employees? Why bother when crossing that threshold you are subject to some healthy penalties/taxes for not providing some approved plan. A new and approved plan that must contain provisions that go way beyond any old standard.
    Perhaps some companies can get “waivers” from The Great Pharoah.
    Anyway we slice it..Obamacare imposes large cost increases for private business that will be passed along to every consumer in the US.
    But hey. Were told this will save us all money down the road. Pure fantasy.
    Wait and see. Obamacare will do for the health industry about what it has done for the housing market and student loan/education market.
    And we wonder why employers are reticent about hiring.

      Ragspierre in reply to jimzinsocal. | July 6, 2012 at 10:57 am

      Hell, I NEVER wonder about anything other than why someone would take a business risk in this country, under this crew.

      I cannot imagine a more perfect “uncertainty machine” than the Alinsky-marinated crew in DC right now. Lisa Jackson by herself is an economy killer.

      If I were looking for a place to put a business, it would be NOT America.

    There is only one thing to do: Double down on stimulation!

How does anyone report this stuff without falling apart with laughter (or tears?) We don’t even replace the population in new jobs and unemployment stays the same?

WOW, I thought new math didn’t catch on, boy was I wrong!

    SoCA Conservative Mom in reply to scfanjl. | July 6, 2012 at 11:32 am

    Yeah, that’s what I was wondering, not to mention people who are unemployed, are still looking for jobs, but uncounted because their employment benefits have expired. Has anyone looked at all the new people now claiming disability? Wonder how many of those claims are questionable at best. Real unemployment has got to be north of 14%.

jimzinsocal | July 6, 2012 at 11:30 am

Lsts face it. Anyone that voted for Obama with the assumption he would somehow “cure” the economy fell for a false premise. No President..not even our Pharoah cures anything. At best his policies can pave the way for business expansion and help in restoring public perceptions. Obama went the other way…he followed and promoted an anti business climate the first time he used the terms “fat cats” and “vilture capitalists”.
With every Gibson Guitar or Boeing action he cemented his ideology. Now add in the economic cloud called Obamacare.

The bottom line for voters to understand: Obama began his Presidency (Pharoahship) with a 7.8% rate nationally at 1/1/09. Ill be kind and use 8.3 in February of 2009.
And here we are 40 months later with 8.2 (at best).
Youve come a long way baby.

If Romney cant beat Obama with this sort of economic record?
Something is horribly wrong. He should be swamping Obama at the polls.

8.2? Try 15% if you count those who have stopped looking.

Henry Hawkins | July 6, 2012 at 11:43 am

Number of jobs created by George W. Bush in June 2012 = 0.

Just sayin’.

Henry Hawkins | July 6, 2012 at 1:23 pm

Final paragraph from today’s WaPo column by Dr. K. I especially chuckled over the last sentence:

The Imperial Presidency Revisited

The Republican presidential campaign centers on the ineffectiveness of this administration: failure at home, passivity abroad. A fine electoral strategy. But as citizens we should be grateful. Given the administration’s extravagant ambitions, incompetence is its saving grace.

http://www.washingtonpost.com/opinions/charles-krauthammer-the-imperial-presidency-revisited/2012/07/05/gJQAR66PQW_story.html

[…] improvement,” and that hope is fading. Obama fans may try to spin this as no big deal, says William A. Jacobson at Legal Insurrection, but these numbers are an unmitigated “disaster.” Clearly, “there’s a lot […]

[…] what comes out when the lever is pulled?  Excuses. Joblessness. […]

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