The job numbers are out for the month of June.
While the headline reads postively (U.S. creates 223,000 jobs in June, unemployment 5.3%), the real story via MarketWatch is this:
The unemployment rate, meanwhile, fell to 5.3% from 5.5% to mark the lowest level since the spring of 2008, but the decline stemmed from more than 400,000 people leaving the labor force. Employment gains for May and April were revised down by a combined 60,000, the Labor Department said Thursday. The government said 254,000 new jobs were created in May instead of 280,000. April’s gain was cut to 187,000 from 221,000.
Here’s the bottom line: The econony still sucks because a record 93,626,000 Americans are not in the labor force.
