“Mis”honest CBS

Is this bad?

U.S. nonfarm payrolls rose by 113,000 in July after a revised 124,000 gain in June, the agency said. Read full government report.

Economists surveyed by MarketWatch were expecting payroll gains of about 143,000 in July. See Economic Calendar.

The unemployment rate rose to 4.8% in July from 4.6% in June. This is the highest level since February.

It is still lower than at any point in the Clinton Administration. In fact, it is a full 1% lower than the best number in the Clinton Administration.

Good thing the minimum wage bill failed or the number would be higher.

About the author

Erick Erickson

View all posts

3 Comments

  • Well, Eric, it is like this: the jobs that are being created are service industry jobs that do not pay a decent wage, do not pay retirement and that do not pay health care. Many of the laid off workers are not counted in the unemployment numbers because they have already drawn out their benefits.

    Look at Delta, as an example, pilots are now losing their retirement benefits that were part of their pay package (I mean when you get benefits that is what you are agreeing to work for, which is a current salary plus the future retirement pay and current health care coverage), and now the Pensions Guaranty Benefit arm of government will take over and pay the retirees greatly reduced pensions.

    I am not defending either party, and those that are reporting the numbers inflated them during the Clinton reign of power. But we are in big trouble in this Country, and our economy will collapse when the baby boomers all retire.

  • When Ford Motor Company closes in Atlanta, GA that is going to cause a ripple effect throughout. Look at all of the people that have a job because Ford is open that do not work in the plant. It will hurt every business from the beautician to the real estate agent that sells houses. And GM is downsizing all across the United States, too. As they say, “so goes GM so goes the economy.”

  • I think CBS had it wrong. Rates were well below 4.8% during the Clinton years.

    http://clinton4.nara.gov/WH/New/html/20000112_1.html

    The Unemployment Rate Was 4.2 Percent in 1999 — the Lowest Since 1969. The unemployment rate was 4.1 percent in December bringing the average unemployment rate for 1999 to 4.2 percent — the lowest since 1969. The unemployment rate has fallen for seven years in a row. It has remained below 5 percent for 30 months in a row. For women the unemployment rate was 4.1 percent — the lowest since 1953.

    What was that recent number, 4.8? In what was supposedly the fifth straight year of economic growth?