If Vice-President Joe Biden says this is I am going to scream. Why, you might ask well because unemployment for July remained at a flat 9.5%.According the US Department of Labor 75,000 civilian non-farm pay roll jobs were created.
The Government lost 131,00 Jobs; as a result of the completion of the field work involved in the 2010 Census. The actual number is 146,000 census jobs laid off.
What’s worse June’s employment numbers were revised downward to 31,000 jobs were created. The news confirms that the momentum has run out of steam.
The economy grew on average 90,000 jobs each month. July’s 75,000 was setback. To reduce the unemployment rate at least 200,000 jobs on average every month to return to pre-recession jobs.
“It’s a double whammy because it causes people to take a psychological step back,” said Tig Gilliam, chief executive of Adecco Group North America, the staffing firm. “Now, it looks like not only has the economy slowed, but maybe it wasn’t as good when it was originally reported as we thought.”
Another bit of bad news is temporary employment fell in July decline by 5,600 jobs the first time since November 2009.
Very few companies are hiring Vista Industrial Products of Vista, Ca a suburb of San Diego hired 15 workers is January. Vista Industrial a sheet metal fabricator is running 2 ten hour shifts,”Everybody is on overtime for production,” says Joshua Borja, the firm’s business development manager.
“This recession really hit everybody pretty badly,” Mr. Borja says. “Everyone is slowly coming out of their shell again and it’s not something that’s going to flip like a switch. And everybody knows that, so everyone is acting in that manner.”
What’s funny President Obama says the GOP cannot have the keys to the car(the US economy) because the ran the car ditch. Well the Democrats ran the car out ditch and drove the car over a cliff a heading to jagged rocks and the surf below with no way to get out.
Wall Street Journal has the rest of the story.