162,000 new jobs in July. Not only is that an absurdly low number for an economy as large as the US, the job numbers for both May and June were revised downward as well. No one is much interested in hiring anyone. That's the main message of this report.
A subtext is reflected in the unemployment rate, which fell to 7.4 %. How, if a pitifully low number of jobs are created each month, is the unemployment rate falling? When people give up looking, they aren't counted anymore and more than 6 million have given up looking. Unemployment could get down to 1 percent if almost everyone just gave up and went on public assistance. Is this the Obama plan?
The White House is succeeding in getting the economy that they have wanted -- the European economy -- no growth, no opportunity for the young and ever rising debt levels that have no conceivable way of being repaid. This is the liberal dream.