Recovery Summer? Only a 9.1% Unemployment Rate in July

by Ryan on August 5, 2011

in Economy

The unemployment rate for July was only 9.1% as the economy added 117,000 new jobs (until the revisions come out, of course).  Even the real unemployment number dropped to 16.1%.  After watching the Dow drop over 500 points yesterday, some will spin this as a sign that the economy moving in the right direction.  However, we need 250,000 new jobs a month to get us on a positive path once again.  So while new jobs are great, the data also indicates that many people are still dropping out of the job-hunt altogether.  A “Recovery Summer” this is not.  Come to think of it, Recovery Summer wasn’t even Recovery Summer.

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