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.