"Only in a world of lowered, New Normal expectations was the July jobs
report anything less than another disaster for U.S. workers.
Nonfarm
payrolls rose 163,000 last month as the unemployment rate rose to
8.3%.
In addition, employment for May and June was revised by 6,000
jobs." (James Pethokoukis)
That's right. Friday's jobs report would be good if we were living in an universe of lower expectations.
The rate went up to 8.3% although that's not even the bad news. The real problem is that 150,000 people dropped out of the labor force. This is the 41st consecutive month of 8% plus unemployment.
Last, but not least, this is the White House who said that unemployment would be around 6% if we passed the stimulus.
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