For the third consecutive month, the employment report was a disappointing one, with a measly 80,000 jobs created during June. The unemployment rate continues to perch above 8%, as it has for the last 41 months. The report seemed to confirm the worst-case scenario that domestic growth, already slow, is starting to stall even further.
There are some positive indicators that the job market isn’t a total train wreck, as average work hours have increased and hourly wages have improved slightly. However, it is still clear that jobs are difficult to come by for most of the unemployed. In fact, the rate of people applying for unemployment benefits is higher than the job creation rate.