Fuzzy Math....not sure how you lose 125,000 jobs in America and the unemployment rate DROPS?????...But there were 652,000 Americans that are unemployed and gave up the job search process....All I have to say is that Obama is doing a "great" job on his #1 2010 priority from his State of the Union Address - JOBS!....This guy is pitiful....he could care less about jobs...he's stirred up the environment so much with his socialist agenda that any reasonable private business person would never take a risk of expansion and hiring more associates....everyone is concerned with the higher taxes that are appearing daily....all Obama cares about is Federal Jobs/Union Jobs...he wants bigger government and is doing NOTHING to get the rates/benefit of unionized federally employees down to the point where they are truly competitive. This is the worst President we have ever had....November elections are only 125 days away...It is imperative that we elect Republican conservatives and give control of both the House and Senate back to Republicans so we can neutralize this President for the LAST TWO years of his presidency.
Unemployment Drops to 9.5 Percent as 125,000 Jobs Are Shed in June
Published July 02, 2010
| FoxNews.com
The unemployment rate dropped to 9.5 percent for the month of June even as the U.S. government dropped 225,000 Census jobs, the Labor Department reported Friday.
Private businesses added 83,000 workers to their payrolls in June, an improvement since May and worse than analysts expected.
The unemployment rate fell as 652,000 people out of work gave up on their job searches and left the labor force. People who are no longer looking for work aren't counted as unemployed.
"The unemployment rate fell to 9.5 percent from 9.7 percent as the 301,000 decline in household employment was more than offset by a drop of 652,000 in the labor force, thus the rate fell not because of a pick up in job gains,' Miller Tabak analyst Peter Boockvar told Fox Business Network.
The nation has 7.9 million fewer private payroll jobs than it did when the recession began in December 2007.
All told, 14.6 million people were looking for work in June. Counting those who have given up their job searches and those who are working part time but would prefer full-time work, the underemployment rate edged down to 16.5 percent from 16.6 percent in May.
As expected, the report elicited strong criticism from House Minority Leader John Boehner, who has been in a verbal tussle all week with President Obama over the economy.
"This jobs report is a disappointment for every family and every small business who heard President Obama declare just weeks ago that our economy is 'getting stronger by the day,'" Boehner, R-Ohio, said in a written statement.
"The writing is on the wall for President Obama's 'stimulus' policies and everyone -- taxpayers, economists, and the rest of the world -- sees it but him. How much longer are we going to continue with this disastrous spending spree that is scaring the hell out of the American people and piling debt on our kids and grandkids?" Boehner asked.
Indeed, the economic picture is not the model of recovery that the American public had hoped would occur by now.
Housing and unemployment numbers out Thursday showed that the expiration of the $8,000 homebuyer tax credit may have contributed to a 30 percent drop in contracted homes. The Commerce Department reported last week that new home sales fell 33 percent last month, also to the lowest level on record.
The stock market also is struggling to approach pre-recession highs. After touching 11,000 in April, the Dow Jones Industrial Average closed the second quarter at the lowest level for the year, and down 10 percent from just three months ago, to below 10,000.
And manufacturing orders dropped to their lowest level since October. The index fell by the largest monthly decline since December 2008.
A Congressional Budget Office report out Wednesday underscored the implications for the country's long-term health of a persistently weak economy. Fewer jobs means fewer taxpayers, which means less revenue for the government. If intensive federal spending is not yielding a return on investment, the government is that much deeper in the hole.
Under one scenario, the CBO said debt would reach 109 percent of GDP by 2025 and 185 percent by 2035.
The Associated Press contributed to this report.
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