Today’s Job Numbers

by Kathryn Jean Lopez

Doug Holtz-Eakin comments:

The June jobs report is a third consecutive disappointment.

 •    Non-farm job creation in May was only 80,000; 84,000 in the private sector, while payroll employment growth for March and April was not revised substantially.

 •    The unemployment rate held steady at an elevated 8.2 percent.

•    The Hispanic unemployment rate, a critical electorate, stalled at 11.0 percent.

•    Job growth was more narrowly focused on a fewer segments of the economy – notably professional and business services (47,000 jobs).

•    Hours, earnings, and payrolls rose, recovering from recent declines.  A stronger, continued rise in hours and earnings will be needed to support family incomes and accelerate a very weak recovery in real, disposable income.

In short, for the third straight month there were too few jobs.  Unlike the past two months, this was not a complete disaster as the labor force, hours, and wages rose in June. 

Data junkies here’s your fix: the June U-6 (the broadest measure of unemployment) was 14.9 percent, up from 14.8 in May. 

The bottom line: The April jobs report was awful, May very weak, and June a disappointment.  The bad news continues, which is especially troubling given the downside risks from Europe, the impending fiscal cliff, and the downshift in the global economy. 

The Corner

The one and only.