Economy loses jobs

Another disappointing report (see post below). Payrolls fell by 131,000 in July, though a large portion of that was the result of temporary Census workers being let go. The private sector added only 71,000 jobs, well under what had been expected - and another sign that businesses simply aren't hiring in large enough numbers to bolster the recovery. The unemployment rate stayed level at 9.5 percent. More bad news: The June data was revised downward - and sharply - with a loss of 221,000 jobs instead of the initially reported 125,000. Only 31,000 private sector jobs were added, also way lower than first reported. From Bloomberg:

"To the extent that we have a labor market recovery, it's a slow one," said Nigel Gault, chief U.S. economist at IHS Global Insight in Lexington, Massachusetts, who projected a gain of 70,000 in private payrolls. "I don't see anything to indicate that the third quarter will be better."

Here's the BLS press release.


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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
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