No Winners: The Unemployment Numbers

No Winners: The Unemployment Numbers

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The job and unemployment numbers for June came out this morning. Despite all the political spin, the bottom line is the numbers are not good. The expectations had been lowered and the numbers still didn’t meet the expectations. The American economy needs approximately 125,000 jobs added every month just to keep up with growth. Today, it was anounced that in June we only added 80,000 jobs. The unemployment remained at a very high 8.2%. It is the 41st straight month of US unemployment at over 8%. For African-Americans and Latinos, the numbers are even worse. African-American unemployment is 14.4%. Latino unemployment is 11%. Ouch! Political talking heads are going to be spewing partisan talking points on this for days to come. Pundits will be framing it in the context of who does this benefit politically. We can’t help it. We are four months from a presidential election which is increasingly tight, and everything is viewed under that light. But the truth is, there are no winners. More important than whether this job report is good news for Romney or bad news for Obama, is the fact that anemic job nubers and steadily high unemployment is bad news for the American people. This is a strong country. We will live through this and as Americans have done in the past, we will persevere. But today, no politician should be celebtrating and no politician should be in denial. It is a day to reflect on how to get America moving again. Both of them better start articulating a plan that instills confidence in the American consumer and that ultimately brings some much needed economic good news.

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