A somewhat irreverent look at state, government, and politics with a bit of econ thrown in as well since the two are inseparably linked in modern society and politicians and bankers are invariably at the coffers of the other, at least when not dipping their greedy hands into taxpayer pockets. Be forewarned the blog will have a decidedly libertarian slant.
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.
Karl Denninger of Market ticker has this analysis:
Annualized, and population-corrected, we’re still in the hole… that figure is now -415,000 jobs annualized adjusted for population changes. So no, we’re not “growing” employment — we’re stagnant.
Part-time for economic reasons workers (those who want full-time jobs but can’t find them) was flat annualized and up only slightly compared to last month. Non-economic part-timers (by choice) was up 84,000 on the month and also up annualized.
Discouraged workers were up about 135,000 annualized.
Weekly hours were down a tenth and hourly earnings were off 2 cents. If you look at the average weekly earnings loss ($3.09) and multiply it by the total employed (145,113,000) then divide by the average weekly earnings the imputed job loss due to hourly earnings and hour declines is 543,573, massively dwarfing the so-called “gains.”
This is a crap report no matter the spin put on it.