July jobless numbers (Updated)

I’ll have more later but here’s the numbers.  It looks better but…

From NYT:

The rampant pace of job losses slowed in July, an encouraging sign that the labor market is nearing a bottom as the broader economy struggles to recover, the government reported on Friday.

The American economy shed 247,000 jobs last month, the smallest monthly toll since last August. While businesses are expected to keep cutting positions through the rest of the year, the Labor Department’s latest figures offered hopeful signs for the American worker and a measure of relief to the Obama administration, which has faced rising criticism as unemployment blew past its earlier projections.

“The trend lines are positive,” said Mark Zandi, chief economist at Moody’s Economy.com. “We are going from massive job losses to just big job losses on our way to a stable job market, I think by next spring.”

The length of the workweek increased, albeit slightly, for the first time since August, a sign that businesses were not scaling back hours to cut their payroll costs. The government said fewer jobs were lost this spring than it had initially estimated, revising June’s lob losses to 443,000 from 467,000. (more… )

From EPI:

This recession is continuing to shatter records for long-term unemployment;  with roughly six unemployed workers per job, job seekers are not finding work. In July, the number of workers who have been unemployed for over six months increased by 584,000 to 5 million, so that now 3.2% of the labor force has been unemployed at least six months, far surpassing the record high of 2.6% set in June of 1983. Currently over one-third (33.8%) of this country’s 14.5 million unemployed workers have been unable to find work for over half a year, an all-time high. While the pace of layoffs is slowing, unemployed workers are not finding jobs. (more… )

It should be clear to everyone that this recession is going to take a while to ride out.  Hold on tight!!

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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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