Another Disastrous Jobs Report: July 2013 Unemployment Drops to 7.4% as only 162K Jobs Created and Another 37K Leave Workforce … May & June Numbers Revised Down
More from Barack Obama, the worst jobs president ever … Yea, Obama is just focused like a laser on creating jobs.
The July 2013 jobs numbers are out and they are a complete and total disaster. For the uninterested, uninformed and apathetic individual, otherwise known as an Obama voter, the unemployment number looks great as it fell from 7.5% to 7.4% for July. However, it fell for all the wrong reasons. The analysts were expecting about 185K jobs to be created in July; however, the number came in much lower at 162K. Also, total nonfarm payroll employment for May 2013 was revised down from +195,000 to +176,000, and the change for June 2013 was revised down as well from +195,000 to +188,000. With these revisions, employment gains in May and June combined were 26,000 less than previously reported.
Those pathetic job numbers are not because I am the worst president ever, it’s cuz of those phony scandals …
As reported at Zero Hedge Fund, the rate dropped because the civilian labor force declined from 155,835 to 155,798 or 37K, driven by an increase of people not in labor force to 89,957 – just shy of the all time high. This also means that the labor force participation rate once again ticked down to 63.4% from 63.5%.
Total nonfarm payroll employment increased by 162,000 in July, and the unemployment rate edged
down to 7.4 percent, the U.S. Bureau of Labor Statistics reported today. Employment rose in
retail trade, food services and drinking places, financial activities, and wholesale trade.
Household Survey Data
Both the number of unemployed persons, at 11.5 million, and the unemployment rate, at 7.4 percent,
edged down in July. Over the year, these measures were down by 1.2 million and 0.8 percentage
point, respectively. (See table A-1.)
Among the major worker groups, the unemployment rates for adult women (6.5 percent) and blacks
(12.6 percent) declined in July. The rates for adult men (7.0 percent), teenagers (23.7 percent),
whites (6.6 percent), and Hispanics (9.4 percent) showed little or no change. The jobless rate
for Asians was 5.7 percent (not seasonally adjusted), little changed from a year earlier. (See
tables A-1, A-2, and A-3.)