The United States Labor Department released its June figures, which show that the private sector created 80,000 jobs to the economy. This leaves the unemployment rate unchanged at 8.2 percent and is only up 3,000 jobs from the previous month.
In June, the number of unemployed people remained at 12.7 million and the unemployment rate held steady at 8.2 percent, the U.S. Bureau of Labor Statistics reported Friday. The 80,000 jobs added mostly came from professional and business services, while employment in other major industries did not enhance.
Market forecasters projected between 90,000 and 95,000 jobs would be added. June’s weak economy was a contributing factor. Furthermore, it is noted that the U.S. needs to add approximately 125,000 jobs to keep up with population growth.
Last month, the figure of long-term unemployed people, which are those who have not had a job for at least 27 weeks, was also unchanged at 5.4 million and accounted for nearly 42 percent of the unemployed. Millions of others were not counted in the unemployment data collection because they have did not look for a job in the past month.
Upon analysis of the data, the unemployment rate for blacks was up (14.4 percent), while other groups, such as adult men and women, teenagers, Hispanics, Asians and Caucasians, provided little change to the jobless rate.
“Once again, the monthly jobs report brings devastating news for the millions of Americans looking for work. The Obama economy is defined by chronically high unemployment,” said Reince Priebus, Chairman of the Republican National Committee, in a written statement. “Our country is coming out of the worst quarter of job creation in two years. ObamaCare and President Obama's other policies simply are not working and disappointed Americans are ready for a new direction.”
President Barack Obama has yet to address the latest job figures, but Alan Krueger, chairman of the White House's council of economic advisers did state that “there are no quick fixes to the problems we face.”
“Employment is growing but it is not growing fast enough given the jobs deficit caused by the deep recession,” said Krueger, according to the Wall Street Journal.
Romney spoke from New Hampshire at a press conference Friday morning where he reacted to the jobs report and called it “another kick in the gut to middle class families.”
“It’s consistent with what I’ve heard as I’ve gone across the country and met with families in their homes, in cafes, in restaurants and in break rooms. American families are struggling, there is a lot of misery in America today,” explained Romney.
“These numbers understate what people are feeling and the amount of pain which is occurring in middle class America. Not only is the 8.2 percent number unacceptably high and one that has been in place now for over 41 months, but in addition if you look at the broader analysis of people who are out of work or have dropped out of the workforce or are underemployed in part-time jobs needing full-time work, it’s nearly 15 percent.”
At a campaign rally in the battleground state of Ohio, President Barack Obama told the crowd that Friday’s job numbers were a “step in the right direction,” but were not good enough, according to Reuters.
“We've got to grow the economy even faster and we've got to put more people back to work.”
More to come...