Today the Bureau of Labor Statistics (BLS) released the latest unemployment data.
Here’s the not-so-good word: 17.9 million Americans are still looking for work and the average amount of time spent unemployed has increased from 19.8 weeks in 2009 to 32.9 weeks.
These are some more BLS highlights:
- Total nonfarm payroll employment rose by 209,000, falling short of the 230,000 expected.
- Unemployment rate: Rose to 6.2 percent.
- Total unemployed: 9.7 million.
- Total underemployed (unemployed, underemployed, or stopped looking): 12.2 percent.
- Total underemployed: 17.9 million.
- Total stopped looking (discouraged workers): 741,000.
- Increase in the civilian labor force: 329,000.
- Civilian labor force participation rate: 62.9 percent.
- Long-term unemployed: 3.2 million.
- The adult women unemployment rate increased to 5.7 percent in July.
- Teens continued to experience the highest unemployment at 20.2 percent.
In his statement this afternoon, President Obama said this about the report: “The good news is the economy clearly is getting stronger things are getting better.”
Which economy is he talking about? Millions of Americans are out of work and the unemployment rate is on the rise. As the Affordable Care Act puts more and more pressure on employers and a barrage of new regulatory constraints continues to stifle job creation, this trend is not likely to improve anytime soon.
With government at the helm, Americans will have to accept an anemic economy as the new normal.