From CNBC:
U.S. employment fell for a second straight month in July as more temporary census jobs ended while private hiring rose less than expected, pointing to an anemic economic recovery…
Its not even an anemic recovery – it is no recovery, at all. The only reason the unemployment rate held steady at 9.5% is because the BLS says that labor force participation continues to drop. In fact, labor force participation is down to levels last seen in 1983. If we put the 3 million or so people who left back in to the mix, unemployment would be in the 11%+ range (whether or not BLS is fudging the participation rate to keep us officially below double-digit unemployment is an open question and if there is a GOP Congress next year, it should be looked in to).
We’re in a bad way and only a complete change in economic policies will allow us to start climbing out of the hole.
UPDATE: Zero Hedge decided to re-crunch the numbers using the labor force participation rate of 2000 instead of the much reduced rate of 2010. This makes sense – even given that a large number of people have left the labor force since 2000 through retirement or death, the growing population would indicate at least that number of people able and willing to work. The unemployment rate if we use that participation rate? 14.7%.
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