Not Many Jobs in July

August 7, 2010 at 5:52 am Leave a comment

The July jobs report was weak—just 71,000 private jobs added nationally, of which 21,000 were in motor vehicles, propped up temporarily by shortened summer shutdowns. And the June report was revised negatively. The labor market improvement has slowed to a glacial pace, consistent with third-quarter GDP growth even slower than in the second. Over the last three months, private payrolls have risen an average 51,000 per month. In the three months to April, they had risen an average 154,000.

We have a long way to go to get jobs back to where they were in January 2007. As a yardstick for economic development, employment is not a very good measure of our efforts at this time. All the more reason to look at economic vitality in a broader sense as our focus.

Read the latest report here.

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Entry filed under: Economic Outlook, Economy, Employment Trends. Tags: , , .

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