Job Growth Posts Large Gain in June; Rate Holds

Yes, it looks like job growth had a good gain in June.

The unemployment rate held steady at 7.6%.

Non-Farm payrolls jumped by 195000 !!

WOW

U.S. job growth accelerated in June thanks to a big jump in hospitality and service workers, news that is likely to trigger more debate about how aggressively the Federal Reserve will begin pulling back on monetary easing.

Unemployment steadied at 7.6 percent for the month, as nonfarm payrolls grew by 195,000, according to a closely watched Labor Department report Friday. Economists expected 165,000 more jobs and a decline in the unemployment rate to 7.5 percent.

Big economic reports such as the nonfarm payrolls data are viewed nowadays primarily through the prism of how they will affect the Fed's zero interest rate policy and its $85 billion a month in bond buying.

Source

But look here;

The number of Americans employed part time for economic reasons (involuntary part-time workers) increased by 322,000 to 8.2 million from May to June, the Labor Department reported on Friday.

“These individuals were working part time because their hours had been cut back or because they were unable to find a full-time job,” said the news release from the Bureau of Labor Statistics.

As the Obama administration prepares to roll out the Democrats’ health-insurance-for-all plan in 2014, many businesses have warned that they will keep their payrolls below 50 full-time workers to avoid penalties imposed by the law.

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The number of Americans employed part time for economic reasons (involuntary part-time workers) increased by 322,000 to 8.2 million

source 2

Well that ain't cutt'in the mustard is it ?

reply to post by xuenchen


The poor are still poor, and those who stopped looking for jobs are not part of the equation.

Obama's legacy in all this?

Transparent.......

These jobs numbers cranked out by the government are a pathetic joke. A bunch of McJobs, part-time, minimum wage, with no benefits, and the stock market soars like a bird.

Too bad the joke's on us all.

There is no "recovery", there is only a continuous downgrading of our standard of living, and we're being told that things are better than ever.

www.zerohedge.com...

The New Abnormal is turning out to be quite an embarrassment for Obama's "manufacturing renaissance" agenda not to mention high paying, manufacturing jobs but at least it explains why Bernanke doesn't mind sending the USD surging when all other central banks are now talking their currencies down (especially if it means fresh S&P records benefiting the 0.1%): after all, if you have nothing to export, who cares what the relative value of your currency is.

There is good news however. Even as the manufacturing jobs continue to collapse, posting their fourth consecutive monthly drop in June to 11.964 million jobs, minimum wage waiters and bartenders have never been happier. In June Restaurant and Bar employees just hit a new all time high of 10,339,800 workers, increasing by a whopping 51,700 in one month.

reply to post by xuenchen


You're going to love this.

I always offset the Employment Situation Report with the Mass Layoff Report, but it looks like the latest release may be the last one.

May 2013 Mass Layoff Report...

Employers took 1,301 mass layoff actions in May involving 127,821 workers as measured by new filings for unemployment insurance benefits during the month, the U.S. Bureau of Labor Statistics reported today.

Followed by this statement...

Mass Layoffs Data Discontined

On March 1, 2013, President Obama ordered into effect the across-the board spending cuts (commonly referred to as sequestration) required by the Balanced Budget and Emergency Deficit Control Act, as amended. Under the order, the Bureau of Labor Statistics (BLS) must cut its current budget by more than $30 million, 5 percent of the current 2013 appropriation, by September 30, 2013. In order to help achieve these savings and protect core programs, the BLS will eliminate two programs, including Mass Layoff Statistics, and all "measuring green jobs" products. This news release is the final publication of monthly mass layoff survey data.

www.bls.gov...

reply to post by Deetermined




I wonder how many people lost their jobs or got cut to part time ?

Ironic Oxymoron.

Fortunately there are other sites.
A useful site is Daily Job Cuts .com

reply to post by xuenchen


Here's what they don't want us to know (considering that I've been keeping my own spreadsheet on the numbers since Obama took office). I'm leaving out 2009 numbers just to give Obama some advantage.

Jan 2013 - May 2013

Jobs gained = 783,000
Jobs lost = 642,103

Jan 2010 - May 2013 (last 3 1/2 years)

Jobs gained = 4.79 million
Jobs lost = 5.72 million

So the very low skill, low pay jobs went up.... Also part time crap jobs are still high. I would bet anyone that the part time jobs will continue to increase as employers figure out that it is cheaper to have 2x the work force but all part time.

WEEee we will all have a JOB! The fact that no one will be able to make ends meet is not the point.

Originally posted by xuenchen
reply to post by Deetermined

 

I wonder how many people lost their jobs or got cut to part time ?

Ironic Oxymoron.

Fortunately there are other sites.
A useful site is Daily Job Cuts .com

Quite a lot Only 47% of Adults Have Full-Time Job

Yeah that Hope and Change has lost a lot Americans Hope they get a full time job so they can quit working for change uh wait a year from now more people will be working part time because of the care act.

I know after 6 months of looking I finally found a good job. It's for an oil company, but at the same time one of my friends dads who also worked for an oil company was let go too and he was up there for a very long time.

More jobs created because everyone is part time now. I guess the American dream to enjoy more leisure time is becoming a reality. This is par with how our government hides truth.