U.S. Employers Shed 131,000 Jobs in July; Unemployment Rate Steady at 9.5% - WSJ.com
1. Unemployment remains 9.5%.The government's latest snapshot of the job market was bleak, a sign the economic recovery is running out of steam with 14.6 million Americans still searching for work.
Job growth proved anemic in July as governments cut jobs and private-sector employers barely expanded.
The economy shed 131,000 jobs, as 143,000 temporary Census workers fell off federal payrolls. Private-sector employment grew by 71,000 in July after a downwardly revised 31,000 in June. Government employment, not counting Census workers, fell by 59,000.
The unemployment rate held steady at 9.5% largely because people gave up hope of finding work and left the labor force.
The latest figures confirm the labor market has lost much of its momentum in recent months. The private sector has added 90,000 jobs a month on average so far this year, well below the 125,000 needed monthly just to keep up with population growth, let alone recover the eight million jobs lost during the recession. Two-thirds of the private-sector job creation this year occurred in March and April, when the economy's trajectory appeared stronger.
2. Among African Americans, it's 16.5.
3. Our economy LOST a net 131,000 jobs.
4. Private sector growth was a whimpish 71,000.
5. Economists expected 90.
6. We need here on the order of mid 6-figures monthly ever to get out of this mess.
7. Moreover, the May and June reports were revised downward.
8. The 83,000 private sector jobs those earlier assessments counted are now seen to be only 31,000.
9. Ominously, the public sector shed 202,000 workers.
10. Only 143,000 of them were census counters.
11. 48,000 state and local servants were axed.
12. Those are teachers, police and fire fighters, as so many of our biggest cities and states are facing bankruptcies like Greece's.
13. Net TEMPS fell 5600---terrifying.
14. The number discouraged and dropping out is dire.
15. Almost half the nearly 15 million Americans out of work have been so for more than 6 months.
16. It's not working, demonstrably, heartfeelingly.
17. The stimulus stalled.
18. So much of its massive girth was so seriously misdirected.
19. Romer quit Thursday, chief economic adviser.
20. She follows OMB Orszag, who left last month, she's going back to the Prof's alma mater, Cal.
21. She was "frustrated."
22. Who isn't?
23. She had to get away from that dread prediction of 8%, which the White House assured us would be the worst we'd see due to the stimulus.
Romer To Leave White House - Hotline On Call
24. She complained that the direct line to the president she perceived as part of her job description was blocked by obstructionists like Mr. Summers, former president of Harvard.
25. Just like DNI Blair.
26. There's an emerging culture problem in the White House.
27. Ask Shirley Sherrod.
28. Most haunting is HOUSING which, more than anything, brought us here.
29. There are millions more foreclosures coming on the near horizon.
Half of U.S. Home Loan Modifications Default Again (Update1) - Bloomberg
30. No wonder the president's approval on the economy, THE OVERWHELMING ISSUE OF OUR TIME, is an embarrassing and very ominous 39%.
Poll: Waning support for Obama on wars - USATODAY.com
31. His Summer of Recovery and Geithner's NY Times editorial, "Welcome to the Recovery:" just how far out of touch can a White House be?
32. Uncertainty is a cancer which kills economies, and every faltering misstep and mis-mumbled message the president makes is leading to doubt.
33. November nears and days darken.