Employment: From the media to Wall Street, June’s jobs report is being spun as a major positive, a sign the economy is getting back on track. Maybe the pundits should look at the actual numbers, which are abysmal.
aclbfTo hear some of them, the 195,000 payroll jobs added for the month while the unemployment rate stayed at 7.6% were a big deal. One investment house called it a “very good report.” Another termed it “solid.”
Really? Let’s take a little closer look at the numbers.
The total number of payroll jobs in the economy, at 135.9 million, is still 1.6% below 5-1/2 years ago, when the recession began. We’re not even back at scratch.