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Economists were expecting the U.S. economy to generate 180,000 new jobs in July, but the total only came in at 162,000, the government revealed this morning (Aug. 2). However, the unemployment rate dropped to 7.4%, down from 7.6% in June. Part of the reason is that more workers dropped out of the workforce because they cannot find a good job, according to MarketWatch. Average hourly wages fell 2 cents to $23.98 and the average workweek slipped slightly to 34.4 hours.

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Comments

SurfPuppy619 Aug. 2, 2013 @ 4:59 p.m.

So we are now in the 6th, soon to be 7th, year of the Great Recession..........looks like it is turning out worse than even I expected..........................6th + year of 7%+ unemployment.

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Don Bauder Aug. 2, 2013 @ 5:14 p.m.

SurfPup: Yes, but the stock market loves it. Unless there is a depression (not recession -- depression), bonds and cash are dead money for actual investors. So there is no alternative to stocks for the real investor. The Fed says it will continue incredibly low short rates (almost zero) and continue QE to bring down long rates as long as unemployment stays high. Wall Street is feasting off Main Street's pain. Wall Street is the most powerful entity in America. Connect the dots. Best, Don Bauder

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