467,000 more jobs lost in June.

[TheRealMafoo]

NJ5 said:

Kasz216 said:

Interesting too is that the number of people looking for work is lower then expected.

Makes you wonder if it's people giving up, people finding it easier to just be unemployed then work fast food or what...

They say unemployment is the last thing to be fixed though.  You would think the actual loss of jobs would be one of the first however...

Apparently the average hourly worker makes $18.53 an hour too... seems high.

The "unemployment is the last to be fixed" adage is for normal recessions (i.e. recessions generated by too big inventory). This is a credit-driven recession, where lower consumer consumption is the leading cause of the recession.

So in this case, I think unemployment is one of the leading indicators of how the economy will fare in the future... not something which gets fixed after the recession is over.

 

Not sure I agree. The cause of this recession is to many houses. Everyone gambled that the wealth of there homes would go up indefinitely. As soon as builders caught up, house values dropped, and everything else is now based off that.

The single biggest component in American personal wealth is home ownership. Inventory of homes is to high, so that value is not near what it used to be.

This is to blame for everything we have seen going forward, so it is an inventory problem.