Employment Picture Still Gloomy ("jobless recovery")

[joefree1]

Employment Picture Still Gloomy

WASHINGTON, Aug. 1, 2003

(CBS MarketWatch) The labor market continued to shed jobs in July, the government reported Friday.

July payroll employment fell by 44,000 jobs. The unemployment rate edged down to 6.2 percent from 6.4 percent last month. Economists polled by CBS MarketWatch looked for an increase of 13,000 jobs and a jobless rate to remain unchanged at 6.4 percent from June.

Much of decline in he unemployment rate represented the exodus of 470,000 discouraged people who abandoned job searches because they believed no jobs were available.

In another piece of bad news, June's payroll loss was revised to 72,000 from the 30,000 drop first reported.

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Responding to the unemployment report, White House spokesman Scott McClellan said Mr. Bush is still concerned about "a jobless recovery." McClellan said "too many people are looking for work."

More ...
http://www.cbsnews.com/stories/2003/08/02/national/main566380.shtml
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Doesn't the new buzzword "Jobless Recovery" make you feel all warm and fuzzy?