"Virtually every single measure was devastatingly weak: only 18,000 payroll jobs were added, average hours declined, nominal wages fell, unemployment was up in almost all age groups, more than 250,000 workers dropped out of the labor force altogether, and the public sector continued to bleed jobs. Furthermore, a downward revision to last month’s data means that this is the second month in a row with job growth at 25,000 or less. This is a remarkable, across-the-board backslide. The President and Congressional leaders need to stop talking about deficit reduction and start talking about job creation."Meaning, they need to talk about more fiscal stimulus. The whole thing here.
Friday, July 8, 2011
Devastating Labor Market Backslide
According to Heidi Shierholz, from the Economic Policy Institute (EPI) regarding the last Employment Situation report by the Bureau of Labor Statistics: