Jul 18, 2011
In the month of June, in the entire USA, only 18,000 new jobs were created.
In the month of June, in the entire USA, one out of four middle-aged men could not find full-time work. Not to mention the job situation for young people, which is much worse.
The Congressional Budget Office (CBO) has some forecasts. As things are now, simply to keep from getting any worse, the economy would have to add 260,000 new jobs every month.
Or, merely to reduce the official unemployment rate from today’s 9.2% down to 8.2%, the economy would have to add 391,000 new jobs per month. June’s 18,000 doesn’t even register on that scale.
The recession is over? A fairy tale!