US Economy: Weak Hiring Report

The U.S. economy created 162,000 jobs in July according to data released by the federal government – less than the expected number of 185,000 (and less than June’s revised total of 188,000).

The bad news comes on the heels of a depressing report on America’s broader economic growth – or lack thereof.

Also, as has been the case for months, most of the new jobs “created” by the economy are part-time positions – a critical distinction which is rarely reported on by the mainstream media. In fact through the first seven months of 2013, a whopping 77 percent of the jobs “created” by the economy are part-time (731,000 out of 953,000).

(For more on this trend, check out this post from Zero Hedge – one of the few outlets which tells the whole truth on economic news).

Officially, America’s unemployment rate edged down from 7.5 percent to 7.4 percent  – although that was due to a decline in the labor participation rate (the percentage of working age population either employed or actively searching for a job). That rate currently stands at 63.4 percent – one-tenth of a percentage point above its 34-year-low.

These are terrible numbers … and they are unlikely to improve anytime soon. For example the construction industry – which is supposed to be driving the broader “recovery” – actually lost workers last month.

To view the official release from the U.S. Bureau of Labor Statistics (BLS), click on the link below …

AUGUST 2013 EMPLOYMENT SITUATION REPORT