• Unemployent Rate Hits 9.6 Percent; 54,000 Jobs Lost

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    Another month, another grim jobs report. We lot 54,000 jobs in July. Most of those — in fact, 114,000 of them — were expiring census jobs. The private sector added jobs slowly but steadily, posting 67,000 in gains. This report doesn’t really tell a story of recovery nor of recession. It’s just stagnation: We’re not falling back into the hole, but nor are we getting out of it. No wonder the White House is looking for further stimulus measures.

    The unemployment rate rose slightly to 9.6 percent, from 9.5 percent, the Labor Department said, as hundreds of thousands of people rejoined the labor force.

    Private employers, meanwhile, created a net of 67,000 jobs, better than expected but below the 107,000 positions they added to payrolls in July. Overall, the nation shed 54,000 positions, but that was driven by the elimination of temporary Census jobs, which was widely anticipated.

    Read more at WashPost

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