Friday, August 01, 2014

Hope and change: Jobless rate up to 6.2 percent

The unemployment rate jumped a bit from 6.1 percent to 6.2 percent. The spin is that more people are looking for work now. Maybe.

Things remain rotten.

More from Fox Business:
Stagnant wages and average weekly working hours have crimped paychecks, curbing demand for goods and keeping inflation below the Fed’s target rate of 2%. Inflation has ticked higher in recent weeks, a factor noted on Wednesday in the Fed’s statement following its July meeting, but the central bankers gave no indication they’re ready to raise rates sooner rather than later.

In July, the average workweek for nonfarm workers was 34.5 hours for the fifth straight month. The manufacturing workweek decreased by 0.2 hour in July to 40.9 hours, and factory overtime edged down by 0.1 hour to 3.4 hours, according to the Labor Department. The average workweek for production and nonsupervisory employees on private nonfarm payrolls was 33.7 hours for the fifth consecutive month.
Clearly there are a lot of part-timers in the workforce, many of them likely prefer full-time work and full-time paychecks.

Four years ago, President Obama declared it to be "Recovery Summer." 

We're still waiting...

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