“Unexpectedly” Bad Job Numbers
Glenn Reynolds has been noting the “unexpectedly” bad job reports for many months now. In other words, for some reason, news outlets, pundits and the government all seem to be surprised that the job market continues to stink. Month after month, they’ve amped up hopes that unemployment is going to go down while new job numbers leap up. Today’s report was no different and also revealed that the past two months were–you got it–“unexpectedly” worse than originally thought.
The nation’s unemployment rate ticked up to 9.2 percent in June from 9.1 percent the month before as businesses and government agencies added only 18,000 jobs to their payrolls, the Bureau of Labor Statistics just reported.
The number of Americans classified as unemployed rose to 14.1 million from 13.9 million in May….”The change in total nonfarm payroll employment for April was revised from +232,000 to +217,000,” BLS reports, “and the change for May was revised from +54,000 to +25,000.