Still Want To Use The Word 'Recession'?

The Greedy Clowns In Charge

(© 2011, Calculated Risk; Click For Big Graphic; Easy And Fun!)

Unemployment is now at 9.2%, up a tenth of a percentage point (please remember that these figures represent real, live human beings -- our government has forgotten this). Bill McBride at Calculated Risk notes that

There were few jobs created in June (only 18,000 total and 57,000 private sector). The unemployment rate increased from 9.1% to 9.2%, and the participation rate declined to 64.1%. Note: This is the percentage of the working age population in the labor force.

The employment population ratio fell to 58.2%, matching the lowest level during the current employment recession.

U-6, an alternate measure of labor underutilization that includes part time workers and marginally attached workers, increased to 16.2%, the highest level this year.

The BLS revised down April and May payrolls showing 44,000 fewer jobs were created than previously reported...

There are a total of 14.1 million Americans unemployed and 6.3 million have been unemployed for more than 6 months. Very grim numbers.

As The Great Curmudgeon says, our Leaders will take this as a sign to start cutting spending -- to them, these numbers and the trend they represent could obviously have no other meaning.

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