The Bureau of Labor Statistics for the June jobs report paints a grim picture for the economy, with just 80,000 jobs added and a stagnant unemployment rate of 8.2%.
Kathy Bostjancic, director of macroeconomic analysis for the Conference Board commented on the economic situation:
“This economy has no forward momentum and little help from monetary or fiscal policy. As if that were not enough, ill winds are blowing in from both a contracting Europe and slowing growth in emerging markets. Also, domestic lawmakers’ inaction on the upcoming ‘fiscal cliff’ creates uncertainty that is not conducive to hiring.”
Twitter reacts to the “unchanged” and “stagnant” jobs report:
The June jobs report in one word: “unchanged.” And that’s not nearly good enough: wapo.st/M8QotJ
— Ezra Klein (@ezraklein) July 6, 2012
Second quarter was weakest job-adding quarter in US in two years – CNBC — Chris Adams (@chrisadamsmkts) July 6, 2012
Obama’s 3-year recovery has created 2.7 million new jobs vs. 13 million for Reagan Recovery bit.ly/KXXK24 — James Pethokoukis (@JimPethokoukis) July 6, 2012
Wall Street Journal Economics Reporter Sudeep Reddy detailed the findings:
Jobless rate for people 25+ with bachelor’s degree rises to 4.1% in June from 3.9% in May. High school grads: 8.4%. No h.s. diploma: 12.6%
— Sudeep Reddy (@Reddy) July 6, 2012
And Conservatives are mad…
Romney: “This jobs report proves Obama isn’t working. I’ll create jobs on Day One by loading America with debt and shipping jobs overseas.”
— Top Conservative Cat (@TeaPartyCat) July 6, 2012
What will fix the economy? AEI reports, it will take 219,000 net new jobs a month for unemployment rate to be below 8% on Election Day if current participation rate holds steady.