Latest jobs report has job growth remaining slow and overall unemployment going back up to a dismal 8.3%.
The politically important unemployment rate, which comes from a separate survey, ticked higher, to 8.3% from 8.2%, as employment declined by nearly 200,000 and the ranks of the jobless rose 45,000. In a worrying sign, the unemployment rate rose even though America’s population grew and more citizens left the labor force—both things that for government statisticians push down unemployment.
The report provides the latest evidence that the economy lacks the momentum to make a dent in the unemployment rate. It takes roughly 100,000 to 120,000 new jobs a month just to keep unemployment from rising, which the economy failed to do in July. That is because despite July’s impressive gains the U.S. economy has added an average of only 105,000 jobs a month over the past three months.
…A broader measure of unemployment—which includes job seekers as well as those in part-time jobs—rose to 15% in July from 14.9% the previous month.
Romney called the report a “hammer blow to struggling middle-class families” in a statement shortly after the July numbers were released.
“President Obama doesn’t have a plan and believes that the private sector is ‘doing fine.’ Obviously, that is not the case,” he said. “We’ve now gone 42 consecutive months with the unemployment rate above eight percent.” LINK