Some say its good:
The U.S. economy generated more jobs than forecast in July as automakers and health-care providers boosted employment, easing concern the three-year expansion is faltering, even as the unemployment rate unexpectedly rose.
Employers added 163,000 jobs in July after three months of sluggish hiring, a pleasant surprise that could signal the U.S. economy may be resilient enough to shake off a midyear slump.
Stocks are surging on Wall Street, breaking a four-day losing streak, after the government reported a sharp pickup in hiring by U.S. employers in July.
Some say its bad:
Today’s increase in the unemployment rate is a hammer blow to struggling middle-class families
The more troubling news, however, is that the economy isn’t getting dramatically better, either.
This has been the case for quite some time:
The facts: The US economy needs to add about 125 thousand jobs per month just to keep up with the growth in the US population and its work force. Adding 163 thousand, as it did in July can actually caused the unemployment rate to go up because of work force growth.
What likely happened here is that many created unusually low jobs creation expectations, which when beaten, sounds like good news. If I were Obama, and assuming the US population stays as stupid as it is for the next few months, I would predict zero job growth for August and September and then look like a hero when I beat it.
Fact: The US economy is in a shambles. The fact that we have now surpassed all of US history with jobless numbers and the media is praising the POTUS is laughable. The REAL unemployment rate is about 15%. We should be adding about 300 to 500 thousand jobs per month. The best Obama can do is 160 thousand. Time for change,…