Jobs. We need more jobs.

I’m not sure what our representatives are doing on Capitol Hill. I know what they need to be doing. They need to be passing a jobs bill. We need a green energy bill which creates millions of jobs. The new job numbers are out and they tell us what we are ready know. The job market is weak. The private sector added 71,000 jobs, while we lost a lot of temporary jobs because the Census is winding down.

The Economic Policy Institute has more:

Payroll jobs
The total number of payroll jobs declined by 131,000 in July, though the shedding of 143,000 temporary Census jobs more than accounted for that loss. In order to get a handle on the fundamentals of the labor market this summer, it is and will continue to be important to look at the payroll numbers excluding changes in temporary Census employment. (The Census still has 196,000 temporary employees on its payroll. These jobs will also disappear in the next couple months.)

Excluding changes in temporary Census hiring, the number of payroll jobs increased by 12,000 in July.  The private sector added 71,000 jobs, while state and local governments–their budgets crunched–shed 48,000 jobs (-10,000 state, -38,000 local).  The federal government (excluding changes in temporary Census jobs) shed 11,000 jobs.

The “underemployment rate,” or the U-6 measure of labor underutilization, is a more comprehensive measure of labor market slack than the unemployment rate because it includes not just the officially unemployed, but also jobless workers who have given up looking for work, and people who want full time jobs but have had to settle for part-time work (note, however, it does not include people who are underemployed in the sense that they have had to take a job that is below their skills, training, or experience level).  This measure was at 16.5% in July, meaning that one in six U.S. workers was either unemployed or underemployed.  This was unchanged from June, masking an increase of 110,000 in the number of “marginally attached” workers (jobless workers who have given up looking for work), and a decline of 98,000 of involuntary part-time workers.  In July, there were a total of 25.8 million workers who were either unemployed or underemployed. (more…)

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Errington C. Thompson, MD

Dr. Thompson is a surgeon, scholar, full-time sports fan and part-time political activist. He is active in a number of community projects and initiatives. Through medicine, he strives to improve the physical health of all he treats.


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