June Unemployment Rate = 8.2%

The jobs report is out. The U.S. economy created just 80,000 new jobs last month. The unemployment rate is unchanged at 8.2%.

Private payrolls, which exclude government agencies, climbed after a revised gain of 105,000 that was larger than initially reported. They were projected to advance by 106,000 in June, the survey showed. Last month’s change in private payrolls reflected a 2,000 increase in education and health services that was the smallest in almost two years.

Since the recession officially ended three years ago, non-farm payrolls have grown by 1.98%. Of the 8.8 million jobs lost between January 2008 and February 2010, we’ve gained back 3.8 million. In the last 11 years, the U.S. economy has created a grand total of 1.04 million jobs. That’s a growth of less than 0.8%.

To have the same jobs-to-population ratio as we had 12 years ago, we’d need 14.3 million more jobs or 22.2 million fewer people. The civilian non-institutional population that’s over the age of 16 and either unemployed or not in the workforce now totals 100.74 million Americans.

Posted by on July 6th, 2012 at 8:30 am


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