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Unemployment Report Indicates Sluggish Economic Recovery
Posted on Jul 07, 2010
The loss of 125,000 jobs in June led broadcast network newscasts Friday evening, and gets significant and universally negative coverage on the wires and in this morning's newspapers. The CBS Evening News (7/2, lead story, 3:40, Pelley) called it "troubling news about jobs and the impact that's having on our economic recovery."
Though the unemployment rate "actually dropped from 9.7 percent to 9.5 percent," that is "partly because the labor force shrank by more than 650,000 people and when people stop looking for work, the government drops them from its unemployment count." CBS (Mason) said the numbers "suggest that the recovery, which only a few months ago appeared to be picking up speed, now seems to be sputtering."
The AP (7/3, Aversa, Rugaber) reports the private sector "added just 83,000 jobs for the month. Looked at from that angle or almost any other, from a teetering housing market to falling factory orders, the recovery is limping along as it enters the year's second half. And that is when the benefits of most of the government's stimulus spending will begin to wear off."
The loss "reflected the end of 225,000 temporary jobs" with the US Census Bureau. AFP (7/3, Beatty) says the White House "has warned that unemployment will remain high for the rest of the year, while polls show it is a crucial issue with voters."
McClatchy (7/3, Hall) reports, "Friday's mixed jobs report from the Labor Department was the latest in a series of signs that the US economy remains locked in a frustrating cycle of crippled growth that's better than the recent recession but not strong enough to boost employment much."
The Financial Times (7/3, Politi, subscription required) added that one of the few positives that can be gleaned from the report is that the unemployment rate declined from 9.7% in May to 9.5% in June, the lowest level since July 2009. Still, this decline is a result of the job market shrinking, meaning that more Americans remain waiting for the recession to get better.
Bloomberg News (7/3, Homan, Matthews) reports economists were predicting a 9.8 percent unemployment rate.
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