Both the number of unemployed persons (8.8 million) and the unemployment rate (5.7 percent) rose in July. Over the past 12 months, the number of unemployed persons has increased by 1.6 million, and the unemployment rate has risen by 1.0 percentage point.
Great news, huh? It gets better...
In July, the number of persons who worked part time for economic reasons rose by 308,000 to 5.7 million and has risen by 1.4 million over the past 12 months. This category includes persons who indicated that they would like to work full time but were working part time because their hours had been cut back or they were unable to find full-time jobs.
So, instead of getting fired, we'll just get people to work less. That means lower overtime payments and it also might mean a cut in benefits. however, because the overall employment situation is weak, these people have a harder to getting a second job. That means they have to make do with less pay.
There are no bright spots in the jobs created areas of the report. There are only three sectors of the job market that created jobs: government employees, healthcare/education and leisure and hospitality (which added a whopping 1,000 jobs). In other words, unless you work for the government or take care of sick people you're out of luck.
And the year over year number continued to drop:
And the unemployment rate continues to increase:
4 comments:
Pretty disgusting. Welcome to the new world of greed, ignorance gone amock. America is becoming the new shanty town. Capitalism over democracy.
"...there are only three sectors of the job market that created jobs: government employees, healthcare/ education and leisure and hospitality (which added a whopping 1,000 jobs..."
Actually, that's only two sectors which created jobs. If you look at healthcare/education, something like 70% are actually funded by government sources - Medicare, Medicaid, CHIPS programs, etc. That's one of the reasons the Feds were looking at clamping down on reimbursements to physicians, as they already have to hospitals and nursing homes. Hospitality will be one big barrel of fun too once the summer holiday season ends and everybody begins to pay attention to the wonderful (/snark) condition of the economy.
The U6 rate takes into account the "employed part-time for economic reasons", as well as the "marginally attached", who will of course be counted as unemployed once there is good economic news and they start looking for work.
Year on year, the Broad U6 rate is up from 8.3% in July 2007 to 10.3% in July 2008 ... +2%.
Since U6 least peaked at 10.4% in September of 2003 and troughed at 7.9% in December of 2006, 10.3% means that the job market is 0.1% from the worst it reached as a result of the last recession.
Ever wonder where the "feeling" of a recession has come from ... its right there.
Oh it's all that and more brucemf, the involuntary part time segment of the workforce hit an all time high...
Bonddad, there is one heck of a conundrum with the GDP between nominal 1Q and 2Q numbers and the 'real' growth rates (layed out in detail with refs on blog) - you going to dish on that macroeconomic bit of madness?
Also, take a look at CIVPART - EMRATIO...
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