Dean Baker | Employment Rate Hits New Low as Economy Creates 117,000 Jobs in July
Dean Baker, The Center for Economic and Policy Research: "The Labor Department reported that the economy created 117,000 jobs in July and revised prior months' growth up slightly to bring the average over the last three months to 72,000. This rate of job growth is below the 90,000 a month needed to keep pace with the growth of the labor force. Consistent with this fact, the employment-to-population ratio (EPOP) fell slightly to 58.1 percent, tying its previous low for the downturn. While the unemployment rate edged down to 9.1 percent, this was entirely attributable to people leaving the labor force."
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