Unemployment Rate Rises to 9.2 Percent, Hiring Comes to Near Standstill
- Posted on July 8, 2011 at 8:49am by
Billy Hallowell
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Tough economic recovery continues, as today’s unemployment rate is bad news for the federal government and American workers, alike. Hiring slowed to a near-standstill last month, as employers added the fewest jobs in nine months and the unemployment rate rose to 9.2 percent. Bloomberg has more:
U.S. employers added 18,000 workers in June…
The increase in payrolls followed a 25,000 gain that was less than half the rise initially estimated, Labor Department data showed today in Washington. The median estimate in a Bloomberg News survey called for a June gain of 105,000…Hiring by companies, which excludes government agencies, was the weakest since May 2010.
With job growth remaining weak, earnings for June also stagnated. This, unfortunately, held consumer spending down, which accounts for 70 percent of the U.S. economy. And, after-tax incomes, adjusted for inflation, have been flat this year.
High gas prices and supply-chain disruptions stemming from the Japan crisis and the weak housing market have slowed the economy.
The state of affairs is certainly an anxious one for those seeking employment. Businesses added the fewest jobs in more than a year and governments cut 39,000 jobs. Hiring has slowed sharply in the past two months. The economy added an average of 215,000 jobs per month in the previous three months.
This news comes as President Barack Obama’s top political adviser David Plouffe claims that people will not base their 2012 vote on the unemployment rate. The Hill has more:
Ronald Reagan, another president Obama is sometimes compared with, was reelected in 1984 when unemployment was 7.2 percent. Obama isn’t likely to see a number that low.
Mark Zandi, chief economist for Moody’s Analytics, predicts the nation will have added 110,000 jobs in total in June, with 125,000 added in the private sector. Hiring by the public sector will continue to fall.
The economy would have to add 350,000 jobs every month between now and December 2014 to get back to the pre-recession low of 5 percent unemployment, last seen in December 2007, according to the Economic Policy Institute (EPI).
While discussing the political ramifications of unemployment will likely be a fixture of the 2012 campaign season, there are very real faces — and issues — attached to these tough economic figures. This month’s numbers are surely discouraging.
The Associated Press contributed to this report.
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Comments (126)
SiToNiTsOrOs1
Posted on July 8, 2011 at 9:25amMore proof that BHO is destroying America. BHO wants America to fail. He is anti-capitalist, anti-business, anti-freedom, etc. One needs only to read a newspaper (even through the liberal spin) to see this.
Report Post »Doom2022
Posted on July 8, 2011 at 9:25amI wonder how the Obama administration is going to twist this one into a positive economic indicator.
Report Post »1. Blame it on Bush
2. Change the way unemployment is measured
3. Blame it on the Tea Party
cessna152
Posted on July 8, 2011 at 9:29amNo… the MSM will say “this is a good sign because more people are optimistic and looking for jobs again and being counted as unemployed”…unexpectedly…
What is the U6 #? 17%?
Report Post »Blackhawk1
Posted on July 8, 2011 at 9:23am“Unexpected” again I’m sure. Funny how us conservatives can see what‘s going on but to liberals it’s always Unexpected! Yesterday Plouf, (Obama’s campaign manager) claimed that the unemployment rate won’t matter and Obama will get re-elected. Just goes to prove how much they are worried about the next election. Part of the grief process is Denial and the Democrats are starting already.
Report Post »cessna152
Posted on July 8, 2011 at 9:34am@blackhawk
Yesterday Plouf, (Obama’s campaign manager) claimed that the unemployment rate won’t matter and Obama will get re-elected
_______________________________________________________________________________
Maybe there won’t be an election? Massive voter fraud? Hold these people to their words… they are up to something! Be prepared…
Report Post »BuckleUpAmerica
Posted on July 8, 2011 at 9:21amBush may have drove the car into the ditch. But Obama came along and jacked the wheels.
Report Post »singray
Posted on July 8, 2011 at 12:14pmThe car went into the ditch alright. But this is not all GB’s fault. And I think a better analogy would be that now the Dems have floored it, And the car is going off the cliff and no one is looking for the brake. They are to busy in the back seat planning for their re-election.
Report Post »nomercy63
Posted on July 8, 2011 at 9:20amIs this summer recovery #1 or # 2 or what # are we on? The last time I checked in my house the more we spend the more broke we are, so how does this basic principle not apply to Washington?
Report Post »butler180
Posted on July 8, 2011 at 9:19amLike all of this unemployment is a surprise. If Americans would have listened, they would have heard the Prez tell you exactly what he planned to do. Higher electric rates, green jobs, redistribute the money earned by working people, support of SEIU and AFL-CIO, on and on. McCain was no prize but he would have been better than this Socialist. The tip off for all who did not listen was the people who stated after listening to Obama “I do not have to pay my mortgage anymore” “I need a kitchen”
Report Post »“I am going to get a free car” etc., etc.
cntrlfrk
Posted on July 8, 2011 at 9:18amI think the only way to fix this is to raise taxes on job creators.
/
Report Post »Atokaite
Posted on July 8, 2011 at 9:09amMid West Construction
Report Post »1, I say again, 1 House in the entire county is being constructed. 0 Nada, Commercial bldgings.
The mulitiple Construction Firms of just 4 years ago are gone. I know of only one (1) outfit that managed to hold thier crews together, a family, at that. This is Western Tenn.
Renovations. = NONE.
Apt bldgs = NONE.
Single Residences = 1 house in an entire county.
Farm bldgs = NONE
The Construction industry in an entire Western Tenn county has essentially died. Thier are homes for sale by OWNERS, not Realtors. Rentals being offered from single family residences. Realtors are closing shop, the last hangers on the US Corporate chains.
Folks, if this is not a Depression, then I am blind to the obvious. All it will take to make this Nation wide is a failure, bank run, deposit withdrawals AKA 1932 again.
The Country is slowing but surely falling under the Cloward Piven driven Socialism Philosophy. Demise of Transactions is the key. Once the entire sales industry shuts down, the bread lines will grow.
end
Semper FI
TRONINTHEMORNING
Posted on July 8, 2011 at 9:08amOne more reason to get ‘em out, baby!
Report Post »RepubliCorp
Posted on July 8, 2011 at 9:08amObamanonics …Shovel-Ready
Report Post »cch4441
Posted on July 8, 2011 at 9:08amdoes anyone in the whitehouse know anything ?
Report Post »butler180
Posted on July 8, 2011 at 9:23amto CCH4441 answer- they know how to take and spend our money on trips all around the world and on the golf course and on telling us what to eat and do and listen to on radio/TV. Need I say more?
Report Post »Cheetosareus
Posted on July 8, 2011 at 9:05amObama can’t connect with the American people. He is too busy shucking and jiving for the unions. We don’t have a “president”. We have a “prezdent”.
Report Post »NJTMATO
Posted on July 8, 2011 at 9:04am2012, Can’t wait…….AND NO RINO’S either!
Report Post »Sicialian Eyeball
Posted on July 8, 2011 at 9:04amGet the Govt. off the backs of business and jobs will come back.
Report Post »rose-ellen
Posted on July 8, 2011 at 12:11pmThe way to restart the economy is to reset the housing market;cancel all mortgages-if you’re in a home you own it .No one in a home owes anything.if you’re renting your rent is cut in half. Every one would breathe a sigh of relief and would spend money [on their home which they now own or apartment]A just bailout for the people instead of wall street and the banks..
Report Post »RETIREDOLDGUY
Posted on July 8, 2011 at 12:22pmYea, right, that sounds fair – NOT. If you were stupid enough to buy a home you knew you could not afford eh, too bad.
Take some personal responsibility already ROSE-ELLEN. Quit blaming everything on the big bad bankers and corporations. Maybe if our “POLITICIANS” had made laws and created Fanny and Freddy we wouldn’t be in this mess.
Report Post »MidWestMom
Posted on July 8, 2011 at 9:03amRight on schedule in Obama’s Hope & Change plan.
Report Post »Hope = Transfer America into a full-on 100% nanny state with him as Dictator in Chief
Change = Doing anything to assure the that goal
SpankDaMonkey
Posted on July 8, 2011 at 9:02am.
Report Post »@Aaron in Polk County
I hear she took a job as the new “Conjugal Visit Girl” for the Florida Prison System……..
eat-more-bacon-USA
Posted on July 8, 2011 at 9:01amTurdbucket Barry strikes again!
Report Post »Ronko
Posted on July 8, 2011 at 9:00amVote Obama out next year and the jobs will come back guaranteed.
Report Post »searching for the Truth
Posted on July 8, 2011 at 8:57amMore like 20 and alto.
Report Post »cowdude
Posted on July 8, 2011 at 8:57amHoly CRAP! These people didn‘t talk to LORD OBAMA or they’d know things are going swimmingly! Maybe DEBBIE WASSERMAN-SCHULTZ wants to recant her statement that “Obama owns this economy”!
Cowdude
Report Post »http://conservativewatercooler.com
charliego
Posted on July 8, 2011 at 10:35amCOWDUDE:
Well in a strange, unorthodox, upside down, transformational change way faux president does own it. I think that was his intention to rape this country (lessons from Soros-book #666 How to ruin a country). With all of us on our knees he will have absconded with the fruits of our labor to build his NWO with his partners. I do believe Soros will rid himself of all of them once the job is done to become the new Lucifer of the world. However, there is a bee in this Soros honey-pot called Islamic Caliphate who are licking their chops and will have the last word.
GOD bless America-stand beside her and guide her’
Report Post »chickenlittle
Posted on July 8, 2011 at 8:56amHow many of that supposed 9.2% is public service employees?
Report Post »rangerrebew
Posted on July 8, 2011 at 10:06amHow many were jobs for the summer for college kids?
Report Post »GeorgeWashingtonslept here
Posted on July 8, 2011 at 8:55amWay to go Obama. Keep threatening the wealthy in this country and this is what you get! No jobs for YOU! You, you man child Doofus!
Report Post »Aaron in Polk County
Posted on July 8, 2011 at 8:54amThe only job I am creating is for Casey Anthony to be my full time, live in Nanny.
Report Post »saranda
Posted on July 8, 2011 at 8:53amQuick, lets find a repub to run and change this government. But it has to be on economic issues and leave all the flakey social conservative at the curb. This is too important a time to confuse the real issues with things that do not matter.
Report Post »chickenlittle
Posted on July 8, 2011 at 9:01amYou got it backwards Saranda… the economy is terrible, no doubt, but without the change to of getting our values back, it doesn’t make any difference. You want the economy fixed? Give us back our AMERICAN culture and ethics… the ones that built the economy in the first place.
Report Post »Deuteronomy22
Posted on July 8, 2011 at 10:49amPat Buchannon.
Report Post »SpankDaMonkey
Posted on July 8, 2011 at 8:52am.
Report Post »Wait I thought the Country was in recovery….Did ya’ll lie again?………….
Delta D-5-3
Posted on July 8, 2011 at 9:05amOf course they didn’t! They just speak in half truths. You know, there’s “always going to be bumps in the road”, Bottom line, double dip recession and super high prices on EVERYTHING we buy from here on out. Prep and pray my friends, IT’S GOING TO GET UGLY real SOON!!!
Report Post »Anonymous T. Irrelevant
Posted on July 8, 2011 at 9:21amRepublicans need to re-package the “It’s the Economy, Stupid” mantra that they used on GHWB.
Report Post »They have plenty of video, full of promises and lies.
enduro
Posted on July 8, 2011 at 9:27amI am seriously considering suing ObAma. His 4 years in office will have screwed up a decade of my life and caused pain and suffering. I am sure there is some lawyer out there that would represent me. I will never get these years back. I hate you Barry.
Report Post »cessna152
Posted on July 8, 2011 at 9:27amMSNBC reports: “We are in a strong ***cough***jobless****cough**** recovery with 90.8% of people STILL having jobs…developing.
Report Post »Oil_Robb
Posted on July 8, 2011 at 9:49amJust wait untill the country comes to a grinding halt……(debt ceiling vote), If the GOP caves on this one Im voting for a third party candidate, The tea party has spoken and If Bayner caves Im done because they will be no different than Big Ears and Reid.
Report Post »Pujols
Posted on July 8, 2011 at 9:56amJust like Obama planned.
Report Post »GETLIFE
Posted on July 8, 2011 at 10:57amAll depends on whether they said “unemployment” is up to9.2%, or “…um…employment” is up 9.2%….
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