Friday, July 2, 2010

Economy Loses 125k Jobs

The job market shrunk for the first time in six months, leading to fears of a stalled recovery. The unemployment rate dropped, however, as more workers became so disgusted with the job search that they dropped out of the employment pool altogether.

Apparently, many of the layoffs came from census positions, just as last month's report was inflated by census jobs added. However, only 83,000 private sector jobs were created. While I appreciate any jobs being fostered at all, this is far below the minimum requirement to even keep the economy stable.

There was even more bad news:

In a separate report, factory orders fell by 1.4 percent in May, the Commerce Department said. It was the first decline after nine months of gains and the biggest drop since March 2009.
Damn. Thanks, stimulus!

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