Don’t believe the White House hype on the July jobs report
The report came out this morning, and while the media and the White House give it the expected fluff, it was actually not so good news:
The economy in July generated 117,000 jobs and the unemployment rate declined from 9.2 percent to 9.1 percent.
This is nice until you remember that the economy needs to create about 150,000 jobs just to keep pace with the growing work force. The decline in the unemployment rate was not due to the new jobs, but to people giving up searching for jobs. They are then not counted as unemployed, since they are not even looking.
Now, July was better than June, and the numbers were better than expected. But overall, we’re in worse shape than we were.
As we’ve seen again and again, it’s not so much that the administration is ambiguous and outright deceptive about these economic reports, it’s that the media is complicit in their deception. Par for the course from the left.