Unemployment Remains Flat at 8.2% Unemployed, U6 Is Up to 14.9%, Only 80,000 Jobs Added!

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Only 80,000 jobs added in June! That is the third straight month of weak hiring. Last month it was 75,000 jobs. The trend is lower than last year and this quarter is down from the first quarter of the year. Someone needs to explain to me how the government et al can come up with a projected number of 176,000 jobs as late as 7 AM this morning. Never mind, I know the answer.

The numbers are going in the wrong direction and there is no real recovery three years after the end of the recession. The current economic policies are not working.

The workforce participation rate remains low and unchanged from last month at 63.8%. Unemployment remains stagnant at 8.2%; discouraged and marginally-attached workers is up slightly to 9.7%;  while the U6 number, which represents total unemployed with marginally employed and part time workers, has also risen slightly to 14.9%

Gallup reported 8.0% unadjusted rates for seasonal employment in mid-June; 18% underemployed; and 10% part time workers seeking full-time work.

Workers paychecks have risen slightly. A third of the jobs gained were temporary services – not good. Manufacturing added 11,000 but factory jobs are plunging. Health care added 13,000 jobs and financial services gained 5,000. Retailers, transportation firms and government cut jobs.

Will the Feds start printing funny money and buying up bad assets for our grandchildren to pay off?

Read more at Fox News

Table A-15. Alternative measures of labor underutilization

[Percent]

HOUSEHOLD DATA
Table A-15. Alternative measures of labor underutilization
Measure Not seasonally adjusted Seasonally adjusted
June
2011
May
2012
June
2012
June
2011
Feb.
2012
Mar.
2012
Apr.
2012
May
2012
June
2012
U-1 Persons unemployed 15 weeks or longer, as a percent of the civilian labor force 5.1 4.7 4.5 5.3 4.8 4.6 4.5 4.6 4.6
U-2 Job losers and persons who completed temporary jobs, as a percent of the civilian labor force 5.1 4.3 4.4 5.4 4.7 4.5 4.4 4.5 4.6
U-3 Total unemployed, as a percent of the civilian labor force (official unemployment rate) 9.3 7.9 8.4 9.1 8.3 8.2 8.1 8.2 8.2
U-4 Total unemployed plus discouraged workers, as a percent of the civilian labor force plus discouraged workers 9.9 8.4 8.9 9.7 8.9 8.7 8.7 8.7 8.7
U-5 Total unemployed, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force 10.9 9.3 9.9 10.7 9.8 9.6 9.5 9.6 9.7
U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force 16.4 14.3 15.1 16.2 14.9 14.5 14.5 14.8 14.9
NOTE: Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule. Updated population controls are introduced annually with the release of January data.

 

 

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