US hiring in July showed poor results as the unemployment rate inched higher to 8.3%. A claimed 163,000 jobs were created in July as Junes jobs were revised lower by 6,000 jobs. 150,000 people dropped of the radar in July for job searches. On average the US economy will lose on average around 40,000 people due to retirement. The US economy must create 120,000 jobs per month just for population increases and more people falling into the work force.
The 8.3% shows how many people are actually looking for work. Of the 150,000 people who fell off the statistic for job searching, we can assume 40,000 were due to retirement, which means 123,000 more people are unemployed but it’s not shown in the official record for job loss for July. These 123,000 were collecting unemployment benefits and the benefits ran out and these people are not added to the unemployment record. The US economy must create at least 220,000 to 250,000 jobs per month to show real growth and a real lower unemployment rate. The real unemployment rate in the US is between 11% and 13%.
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