Official: Unemployment rises to 8.3% but reality dictates far worse numbers
Despite claims of unemployment stagnating within the range of 8 percent, the reality is much more grim. Those who suggest such low figures are not taking into account the folks who’ve received unemployment benefits but then failed to find work after said benefits had ceased. Realistically, unemployment is somewhere within the 20 percentile.
No amount of intervention on part of the Fed will save this economy. In fact, it is the very intervention of the Fed that essentially dooms the economy through the issuance of more monetized debt.
Grant J. Kidney
Bloomberg — Payrolls in the U.S. climbed more than forecast in July as automakers and health-care providers boosted employment, while the jobless rate unexpectedly increased to a five-month high.
The payrolls increase of 163,000 followed a revised 64,000 gain in June that was smaller than initially reported, Labor Department figures showed today in Washington. The median estimate of 89 economists surveyed by Bloomberg called for a gain of 100,000. The unemployment rate, derived from a separate survey, rose to 8.3 percent.
Stocks rose, halting a four-day decline for the Standard & Poor’s 500 Index, as the report eased concern the three-year economic expansion is faltering. Faster job growth is needed to push down an unemployment rate stuck above 8 percent since February 2009, one reason why the Federal Reserve this week said it is prepared to take new steps if needed to boost the economy.