According to today’s Jobs Report for June, the U.S. economy added a net 195,000 jobs in June, somewhat above economists’ predictions. Upward revisions to the April and May figures added a total of 70,000 more. Leisure and hospitality, professional and business services, and retail trade posted the largest increases. Federal government employment dropped by 5,000.
The unemployment rate remained unchanged at 7.6%, which would be a stone bummer if not for the fact that “investors” will probably be cheered by the implications for Federal Reserve Board stimulus policies, expected to “taper” when unemployment drops below 6.5%. The number of long-term unemployed remains at well over four million.
There’s nothing at all particularly bad about the June report; Republican spinners will have a hard-time blowing it up into another sign of failed Obama policies, blah blah bark bark woof woof. But it’s generally a bit depressing only insofar as it shows what we seem willing to settle for in the way of an economic recovery that is leaving too many people behind.