A mere week after Vice President Joe Biden threw a glass of cold water on those hoping for an economic recovery by telling them “there’s no possibility to restore 8 million jobs lost in the Great Recession,” the Department of Labor’s June unemployment numbers have come out to throw an even bigger glass on the White House.
Private employers added a smaller-than-expected 83,000 jobs in June, but the unemployment rate edged down to 9.5% as many workers dropped out of a labor market that remains very sluggish.
[snip] Although the jobless rate in June fell from 9.7% in May, that reflected a big drop of 652,000 people in the labor force over the month. The labor force is made up of workers and those actively looking for jobs. With the economic recovery weakening and many employers reluctant to hire, many more unemployed people may have quit looking for work, which would push down the jobless rate.
How’s that for ‘creating or saving’ jobs?
Read more on the unemployment report here.