Friday, July 2, 2010
The Department of Labor released its June unemployment data today. As has been the case lately, the numbers are still pretty week. There were 83,000 private-sector jobs added last month--well below what's necessary to get employment back to where it should be. Adding to the sour mood is that because of the loss of many temporary Census jobs, the overall number of jobs declined. Yet, the unemployment rate also went down to 9.5% from 9.7% in May. This was largely the result of fewer people looking for jobs. Also, the median time on unemployment went up--a statistic that doesn't seem to be affecting the jobs bill's chances in Congress right now.
There are some sliver of good news, however. The increase in private-sector jobs is actually double of May's figures (and a lot better than the massive losses earlier in the year). Whether that's a sign of more to come is anybody's guess.