Every month, with baited breath, we wait for the Department of Labor to release its unemployment numbers for the month earlier–waiting for the stimulus to kick in…And we wait…
The U.S. economy created a modest 83,000 private sector jobs in June, adding to concern that the economic recovery is tepid at best and highlighting the political danger to President Barack Obama and Congressional Democrats heading into a tightly contested midterm election cycle in which control of the House and perhaps the Senate are at stake.
The unemployment rate ticked down slightly from 9.7 percent to 9.5 percent.[snip]
The unemployment rate has remained near a politically perilous 10 percent in what increasingly looks like a largely jobless recovery, if it is a recovery at all. The economy is making very limited headway in replacing the nearly 8 million jobs lost since the recession began following the 2008 credit crisis and banking sector meltdown.
Still waiting.
Read the rest here.
