Great recovery Mr. President!!!

Summer Bummer: June Jobs Report Disappoints with only 80K

by Mike Flynn 

The Bureau of Labor Statistics reported this morning that the economy added just 80k jobs in June. The economy needs to add around 150k jobs a month just to keep up with population growth. The big miss confirms that whatever economic recovery existed is gone and the economy remains stuck in a dangerous stall. 

Economists had been predicting a net gain of around 100k jobs. Payroll giant ADP yesterday suggested June job growth might even come in around 176k, blowing past expectations. For a while yesterday, the media and Wall Street wondered if today's report would surprise with a strong jobs number. Alas, as with most jobs reports in recent months, it wasn't to be. After three and a half years, one would think economists would be weary of always being surprised by "unexpected" bad economic news.
These numbers will be very hard for Obama and the Democrats to spin. BLS revised May's jobs' numbers up from 69k to 77k, taking away the spin that today's report was at least an improvement over May. BLS also revised April's numbers down, from 77K to 68K, meaning the the fall-off after the 1st Quarter was much steeper than originally thought.
Virtually ever other measurement in today's report; unemployment rate, number of unemployed, labor participation rate and hiring levels in most industry sectors were unchanged from May. Its an across the board stall.
One of the rare bright spots in recent months has been manufacturing, which added 11k jobs in June. In the past few weeks, however, we've seen numerous reports indicating a sharp slowdown in manufacturing. That trend will be a significant drag on future hiring in the sector. That isn't the only ominous sign, though.
Business and Professional Services added 47k jobs in June, accounting for almost 6 out of 10 new jobs. But, according to BLS, over half of these jobs, 25k, are temporary and not permanent hires.
A net gain of 80k jobs is bad enough. That almost a third of these are temporary shows just how bad the job market is. There is no real boost to wages or consumer spending on the horizon. Without these, in the present fiscal and regulatory climate, it is hard to see how we get an increase in business hiring for workers.
Campaigns may run on cheap slogans and happy talk, but businesses don't. This November, something will have to give. 



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Black Unemployment Increases From 13.6% to 14.4%

by John Nolte 

The long, sad faces you’re seeing from our corrupt media have nothing to do with the bad news the unemployed received this morning (my wife among them). Nope, the media is sad for Barack Obama because job creation in June was way below expectations and the overall trend is downward. Thanks to Obama's failed policies, this great big beautiful country of ours created only 80,000 jobs last month, way below estimates that ranged in the 100,000 mark, some as high as over 150,000.

Hit hardest were the unemployed in the black community, where the unemployment rate increased from 13.6% in May to 14.4% in June. For black youths aged 16 to 19, the unemployment rate is now an astonishing 39.3%, up from 36.5%  last month.

After an increase from 10.3% to 11.0% in May, the unemployment rate among Hispanics remained stuck at 11.0% in June.

According to CNN this is the weakest job quarter in three years.

An important thing to remember  is that this new jobs report does not factor in the Supreme Court's decision to ignore the Constitution and uphold ObamaCare. Now that this job-killing monstrosity is the law of the land, adding layers upon layers of new mandates, costs, and red tape upon businesses, who knows what effect that horrifying scream in the night will do to freeze employers in terror. They might just wait to see if Romney is elected and can repeal that cancer before they start adding any more positions.

Terrible day for American workers thanks to a terrible President and his terrible policies and a terrible media that never vetted him. 

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And Hispanic Unemployment Stuck at 11.0 Percent

And black unemployment rises.

DANIEL HALPER

       

Today's U.S. Bureau of Labor Statistics jobs report shows that minorities are being hit hard by the economy:

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.