The Economic Golden Age declared by some in the media continues to increase prosperity at an unprecedented rate not seen since antediluvian times. The rate of job growth continues to be historic and is putting the 90’s and 80’s boom to shame. An astronomic figure of 162,000 jobs was created in July. The Unemployment rate dropped to 7.4%, due to the increasing prosperity that is allowing people to drop out of the labor market. The labor force participation rate dropped to 63.4% reflecting a strong robust economy! Wages declined 2 cents due the bulk of job creation being low wage part jobs, which is a sign that people are doing so well, they prefer only working part time!
The above paragraph was a paradoy of how the Obama Regime will spin these numbers. 162,000 jobs are not bad, but it is just treading water. The drop in labor force participation is due to the low pay and bad quality of jobs created. People would rather stay on government assistance that pays more than take a crappy job. Make no mistake, this report is another sign of America’s 13 year economic decline.
Employers added fewer workers than anticipated in July and the U.S. jobless rate dropped to 7.4 percent, indicating uneven progress in the labor market.
The 162,000 increase in payrolls last month was the smallest in four months and followed a revised 188,000 rise in June that was less than initially estimated, Labor Department figures showed today in Washington. The median forecast of 93 economists surveyed by Bloomberg called for a 185,000 gain. Workers spent fewer hours on the job and hourly earnings fell for the first time since October.
Retailers added almost 47,000 workers in July, the most in eight months. Employment in education and health services showed the smallest gain in a year. Construction employment fell and manufacturing rose for the first time in five months.
Average hourly earnings fell 0.1 percent to $23.98 in July from the prior month, and were up 1.9 percent over the past 12 months.
The average work week for all workers fell to 34.4 hours from 34.5 hours.
The household survey showed that part-time employment climbed by 174,000 in July, exceeding a 92,000 gain in full-time hiring.
The number of discouraged workers, those not looking for a job because they don’t believe one is available, climbed to 988,000 in July from 852,000 a year ago.
America’s economic stagnation continues without any end in sight. THe Middle Class continues to lose ground and more people c ontinue to depend on government. The Obama Regime’s polcies are afilur, but the Republicans are not offereing any alternative either. Both parties continue to demonize other Americans and just engage in nasty rhetoric to distract from this bad economy.
No amount of media spin can cover up one simple truth, the economuc sucks!
Update: Zero Hedge has a good chart showing 70% of our jobs created were part time.
This is a very daming statistic.