Look for pessimism to continue — and to grow — in light of the latest jobs report which shows unemployment growing.
Hiring slowed to a near-standstill last month. Employers added the fewest jobs in nine months and the unemployment rate rose to 9.2%.
The Labor Department says the economy generated only 18,000 net jobs in June. And the number of jobs added in May was revised down to 25,000.
High gas prices and supply-chain disruptions stemming from the Japan crisis and the weak housing market have slowed the economy. Average hourly wages declined last month. After-tax incomes, adjusted for inflation, have been flat this year.
Businesses added the fewest jobs in more than a year. Governments cut 39,000 jobs.
No matter how it is sugarcoated this is:
Very bad news.
Very troubling news.
Another sign that America’s political system seems in a different universe as it’s seemingly bogged down into becoming an ongoing sports event where your team “winning” is the most important thing — even if it winds up winning and the stadium is closed due to lack of funds. Many Americans will read these numbers and at the risk of Homeland Security considering them potential terrorists say to both parties:
A pox on both your houses.
Read more: http://www.time.com/time/business/article/0,8599,2082080,00.html#ixzz1RWzMIKn3
Joe Gandelman is a former fulltime journalist who freelanced in India, Spain, Bangladesh and Cypress writing for publications such as the Christian Science Monitor and Newsweek. He also did radio reports from Madrid for NPR’s All Things Considered. He has worked on two U.S. newspapers and quit the news biz in 1990 to go into entertainment. He also has written for The Week and several online publications, did a column for Cagle Cartoons Syndicate and has appeared on CNN.