When President Obama first proposed his job stimulus bill, he predicted that by this time unemployment would be below 6% and the economy would make a significant recovery. That recovery is still a fantasy as for another month unemployment rose despite large numbers of people leaving the workforce all together. CNS News reports on the latest data from the Bureau of Labor statistics:
There were 195,000 fewer people employed in the United States in July than in June, according to the Bureau of Labor Statistics, as the national unemployment rate ticked up from 8.2 percent to 8.3 percent.
Meanwhile, 150,000 people simply dropped out of the labor force during the month and did not seek to find a job.
In June, according to BLS, there had been 142,415,000 people employed in the United States. In July, that dropped to 142,220,000–a decline of 195,000.
During July, the number of people who simply left the labor force (150,000) exceeded the number of newly unemployed (45,000) by more than two to one (105,000).
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