The Bureau of Labor Statistics has published its employment situation report for June 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.
Household Survey Data
Both the number of unemployed persons, at 14.6 million, and the unemployment rate, at 9.5 percent, edged down in June. (See table A-1.)
Among the major worker groups, the unemployment rate for adult women (7.8 percent) declined, while the rates for adult men (9.9 percent), teenagers (25.7 percent), whites (8.6 percent), blacks (15.4 percent), and Hispanics (12.4 percent) showed little or no change. The jobless rate for Asians was 7.7 percent, not seasonally adjusted. (See tables A-1, A-2, and A-3.)
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. (See table A-12.)
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. (See table A-1.)
Essentially, the situation is unchanged. The unemployment rate decreased because fewer people were even looking for jobs. That’s not a good thing. Another thing concerned me: the average work week declined to 34.1 hours. That doesn’t sound like hiring is likely to begin soon.
As I noted over at OTB, it’s beginning to look like we’re going to have a recovery with very anemic job growth for the foreseeable future, which does not bode well for what will inevitably be another recession in the next 2-3 years
No matter the statistic, if we are in recovery we should expect some volatility; up notes, down notes, but an upward bias. But recently I get the feeling that things are consistently biasing downward, and my worst fears are materializing.
I’m not ready to throw in the towel and assume a double dip. But “L” is looking awfully likely. And when that’s your upside view, its not good.
I love to come here and mix it up, hurl some invective, but I’m actually feeling melancholy today. This is so unneccessary. We allowed Republicans (by our voting patterns) to basically become Democrats during the 2000’s. In frustration, we then voted in the liberal gang that couldn’ shoot straight in 2006, and then a no experience, crazed ideologue in 2008. And this is just a mess right now.
And who is really suffering? For the most part: “the little guy,” although in this recession also a lot of workers who were doing pretty well before.
My concern is that we could collectively make one of those once in a lifetime terrible decisions, and double down with these Big Government types, just as all the faults of the Big Government programs are coming home to roost. My daughter could grow up and live her life in a country terribly diminished relative to its past glory.
I wonder if Tom Brokaw will live long enough to write a book about the 60’s generation – The Worst Generation.