Friday, August 3, 2012
Employers Add 163K Jobs, Unemployment at 8.3%: A Better Then Expected Jobs Report
With 163K jobs created in July, thats a fairly positive Jobs Report considering the economy only grew at 1.5% in the third quarter. And we only created a total of a little over 120K jobs in May and June, so the 163K number puts us back where we were around April when Job Growth looked fairly strong. But unemployment went up to 8.3% which is positive in this sense, because that means that people are still looking for work and not dropping out of the workforce. Which means when Economic and Job Growth get going again and it will, there will be a lot of new jobs created for a lot of new people. The question is when will it happened and if there's enough juice in the economy to make it happen quicker or is the economy too sluggish to make that happen. With 1.5% Economic Growth, the economy is simply to sluggish right now for strong Job Growth, where we are creating 250-300K jobs per month. That finally brings our unemployment down from over 8%, to under 8% and following further then that. And with Congress heading towards recess and then coming back for just a month before they go back to campaigning, we are probably not going to see any new legislation at least until December. To address the economy.
What the economy needs more then anything right now is Economic Growth, so we can put the 12M plus workers that are unemployed back to work. President Obama doesn't have a perfect plan to accomplish this but with his plan a lot of people would be put back to work. Thats built around keeping taxes down on the Middle Class, cutting them even further for the Middle Class, rebuilding the country. And developing a National Energy Policy that leads us towards Energy Independence thats built around Renewable Resources, all of these things would help create jobs. Because current companies would end up with having more work to do and need more workers to do the work and end up hiring more people. Keeping taxes down on the Middle Class so they have more money to spend so when Mitt Romney claims that President Obama's policies are hurting the Middle Class. When under Mitt's tax plan he would raise their taxes, its a little hard to hear.
This might sound old but I'm running out of ways to phrase this but the July Jobs Report is better then expected. We created more then two and half times more jobs in July then we did in June but we still have a long way to go, the same thing could've been said two years ago. When the Jobs Reports looked fairly strong but where we still had way too many people unemployed. With plenty of jobs still to be created.