WASHINGTON (MarketWatch) — U.S. employers continued to hire but at a sluggish pace that adds to pessimism about the economic outlook and may put pressure of the Federal Reserve to take more steps to support the economy.
Private-sector payrolls rose by an estimated 71,000 in July, the Labor Department said.
Total nonfarm payrolls fell by a seasonally adjusted 131,000 in July, but all the lost jobs were temporary jobs at the U.S. Census.
Left out of this rosy look at the numbers by MarketWatch (“Don’t worry, they were all temp Census jobs!”) was the fact that June’s payroll data was revised down from a loss of -125k jobs to a much more substantial loss of -221k. More than -50k of that adjustment was to private payrolls, which erodes the recovery story substantially.
Weak Jobs = More Money Printing
PREVIEW by Chris MartensonWASHINGTON (MarketWatch) — U.S. employers continued to hire but at a sluggish pace that adds to pessimism about the economic outlook and may put pressure of the Federal Reserve to take more steps to support the economy.
Private-sector payrolls rose by an estimated 71,000 in July, the Labor Department said.
Total nonfarm payrolls fell by a seasonally adjusted 131,000 in July, but all the lost jobs were temporary jobs at the U.S. Census.
Left out of this rosy look at the numbers by MarketWatch (“Don’t worry, they were all temp Census jobs!”) was the fact that June’s payroll data was revised down from a loss of -125k jobs to a much more substantial loss of -221k. More than -50k of that adjustment was to private payrolls, which erodes the recovery story substantially.
Note: This is the first of a series on personal preparation to help you address the question, “What should I do?”
The copy in this series comes from a book chapter I wrote for The Post Carbon Reader: Managing the 21st Century’s Sustainability Crises (Richard Heinberg and Daniel Lerch, eds.)
It is being reproduced here with permission. For other book excerpts, permission to reprint, and purchasing, please visit http://www.postcarbonreader.com.
What Should I Do?: The Basics of Resilience (Part I – Getting Started)
by Chris Martenson
Note: This is the first of a series on personal preparation to help you address the question, “What should I do?”
The copy in this series comes from a book chapter I wrote for The Post Carbon Reader: Managing the 21st Century’s Sustainability Crises (Richard Heinberg and Daniel Lerch, eds.)
It is being reproduced here with permission. For other book excerpts, permission to reprint, and purchasing, please visit http://www.postcarbonreader.com.