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Good news or bad? Employment Situation for June

Posted: Jul 10, 2010

Total nonfarm payroll employment declined by 125,000 in June, and the
unemployment rate edged down to 9.5 percent, the U.S. Bureau of Labor
Statistics reported today. The decline in payroll employment reflected
a decrease (-225,000) in the number of temporary employees working on
Census 2010. Private-sector payroll employment edged up by 83,000.

In June, the number of long-term unemployed (those jobless for 27
weeks and over) was unchanged at 6.8 million. These individuals made
up 45.5 percent of unemployed persons.

The civilian labor force participation rate fell by 0.3 percentage
point in June to 64.7 percent. The employment-population ratio, at
58.5 percent, edged down over the month.

The number of persons employed part time for economic reasons (some-
times referred to as involuntary part-time workers), at 8.6 million,
was little changed over the month but was down by 525,000 over the
past 2 months. These individuals were working part time because their
hours had been cut back or because they were unable to find a full-
time job.

In June, about 2.6 million persons were marginally attached to the
labor force, an increase of 415,000 from a year earlier. (The data
are not seasonally adjusted.) These individuals were not in the labor
force, wanted and were available for work, and had looked for a job
sometime in the prior 12 months. They were not counted as unemployed
because they had not searched for work in the 4 weeks preceding the
survey.

Among the marginally attached, there were 1.2 million discouraged
workers in June, up by 414,000 from a year earlier. (The data are not
seasonally adjusted.) Discouraged workers are persons not currently
looking for work because they believe no jobs are available for them.
The remaining 1.4 million persons marginally attached to the labor
force had not searched for work in the 4 weeks preceding the survey
for reasons such as school attendance or family responsibilities.

;

I think this is really bad. - sm

[ In Reply To ..]
This administration is definitely not what you would call business friendly. Higher taxes will hurt businesses. I wouldn't lower taxes because we need the revenue but raising them does NOT help businesses. I think Obamacare will cost people jobs. I think cap and tax, if rammed through, will cost a lot of jobs. It seems to me this current administration, while saying it is all about job creation, has no clue how to create sustainable jobs or they care more about their political agenda than the people who are suffering from no job.

People are scared to death. Every time this administration talks about more spending, sales go down.

I hate to say this, but I think cap and trade will pass - Backwards Typist

[ In Reply To ..]
There's more talk about it every day, at least from those who are for it. If they get their message out enough, people will go along with it thinking it's a good thing.

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