July unemployment 8.3%

In June the unemployment rate was 8.2% with roughly 12.7 million people unemployed. Now, it is 8.3% with roughly 12.8 million people unemployed, while the job market appeared to add 163,000. I say appeared because, from the jobs report:

The change in total nonfarm payroll employment for May was revised from +77,000 to +87,000,
and the change for June was revised from +80,000 to +64,000.

I’ll wait to see what the revisions next month for the final number.

If the numbers are confusing here’s why, from CNBC:

The report showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments. The birth-death model, which approximates net job growth from newly added or closed businesses, added 52,000 to the total.

The only thing that is clear, the economy is not improving.

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3 Responses to July unemployment 8.3%

  1. Do you see Romney parlaying these numbers into a better standing at the polls? He seems to be running a seriously flawed campaign right now.

    • Bret Rickert says:

      Romney is doing fine. It’s the beginning of August. He can’t spend his general election money until after the convention. He has weathered everything thrown at him and is within striking distance. Despite the Dems efforts to make the tax returns an issue most do not care. The country already knows he is rich. Now, Harry Reid has given him even more reason not to release them and opened the door for his records to be investigated http://hotair.com/archives/2012/08/03/reid-my-source-on-romneys-taxes-is-so-incredibly-credible-that-i-wont-say-who-he-is/. His foreign trip was not the disaster the media would have people believe. All a challenger to an incumbent can do is hang in there until the convention that is when the real campaign begins. Even with skewed polls, he is only 3 points back by RCP. And that includes some very BS polls. These recent unemployment numbers can only hurt Obama.

      • With the foreign trip though, isn’t it “perception is reality?”

        Though I agree that some of the polls are BS. I’ve found gallup to be the most reliable.

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