BLACK UNEMPLOYMENT JUMPS TO 14.4% – HISPANICS HOLD STEADY AT 11%
Is it just me, or does anyone else wonder how – if the O-man has created even half the jobs he
lies brags about – the unemployment rate continues to stay at 8.2%?
The Bureau of Labor Statistics announced today that the economy created just 80,000 jobs in June – and the unemployment rate remained at 8.2%, reflecting continued slow growth in the economy. Even worse? Nearly one third of the jobs that were created were at temp agencies. Damn, O; you’re down to four months and counting, dude; better head to the links.
Economists had expected job growth of 100,000. For those of you keeping score at home, QE2 marks the worst three-month period in two years, with an average of 75,000 jobs gained per month vs. 226,000 in the first quarter.
“What a disappointing number,” said Jeff Savage, regional chief investment officer for Wells Fargo Private Bank. “This was kind of disastrous. We’re not even keeping up with demographics at this point. This is not going to be liked in the markets.”
Hopefully, it’s not going to be liked in the presidential election campaign either, Jeff. Although – with black unemployment at 14.4% (up from 13.6% in May) and the Hispanic jobless rate at 11%, one wonders how bad things would have to get for these people before they place any blame on the O-man. Don’t hold your breath.
In related news, U.S manufacturing grew in June at its slowest pace in 11 months and hiring in the sector slowed as well – as overseas demand for U.S. products waned. Yep, it’s shaping up to be an interesting run to the finish. Bring on the debates.
On another positive note, more workers went on federal disability in June than got new jobs; 85,000 of ’em. Keep up the good work, O; maybe the “disabled” (wink, wink) can catch up with the number of Americans on food stamps.
Can’t wait for O’s October Surprise; it should be a humdinger this year. Maybe he’ll kill bin Laden again.