July Jobs Report

I’ve missed commenting on the last few job reports since I’ve been distracted by other obligations. But I’m back.

The July Jobs Report is in and it’s a mixed bag. 172,000 jobs were added but unemployment increased to 8.3%. The 172K number was greater than predicted but, still, unemployment increased.

In fact, if you count not only the people on unemployment insurance but also the people who have given up and the under-employed, the so-called U-6 is 15% now. We have set a record for the longest run of unemployment over 8% since the Great Depression. And since the President promised his Stimulus would prevent unemployment from going over 8% I think we are getting closer to incontrovertible, experimental proof that stimulus is not a cure for serious recessions.

As some of you know, here is one of my mostest favoritest graphs, from the Calculated Risk Blog:

Employment July 2012

Still pathetic.

As a reminder, this is another graph I did in March. See the post to read all the attributions for the graph. I have not brought it up to date but I’ll do that soon:

Unemployment with and without the recovery plan

The solid lines are the Obama Administration’s predicted unemployment with and without their Stimulus Package. If you add the 8.3% figure as the next dot on the graph you can see that we are still proving the Administration predictions wrong, big time.

I was listening to the Larry Kudlow show recently and one of the guests, I forget who, was saying that the economy improving is no big deal because that’s what economies do. It’s the rate of growth that matters and, compared to other recoveries, this one holds the record, in a bad way, for being the slowest since the Depression.

 

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One Response to “July Jobs Report”

  1. July Jobs Report II « Liberty Physics Says:

    […] Finally, just for completeness, let me re-post my other favorite chart from my previous jobs article: […]

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