New signs economy is struggling
Employers add only 80,000 jobs in June
- Duration 5:53
- Date Jul 6, 2012
Employers add only 80,000 jobs in June
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Fox News alert this morning because there is now further proof that the economy continues to struggle as we get another disappointing jobs report.
That has just come across the wires this morning and hear the numbers folks.
Employers added only 88000.
Jobs in this country over the course of the month of June and that is the third straight month that we've seen.
A very weak hiring numbers and that's not a good trend good morning and that night everybody good to see this morning in America's Newsroom walk out.
I'm -- -- I'm in today for bill and this troubling report.
Not only affecting the confidence of Americans all over the country -- you combat -- will get a strong reaction a from the White House and of course from the presumptive Republican presidential candidate governor Mitt Romney.
Yup you can bet that well and these weak numbers as we look at them also mean that there is no budging in that big number that you see on your screen.
That's the unemployment rates in the United States of America right now stalled at eight point 2%.
Charles Payne is with the Fox Business Network morning Charles good morning good to see this morning your take on these numbers.
-- I think you.
You you really set it all I'm I'm.
Let's and we came into the weekend anticipating.
-- number around 90000 yesterday there was some extra enthusiasm that perhaps.
It could be a little bit better because of the reporting BP put out.
But this goes again to to just sort of underscore.
A nation that's not living up -- -- potential and you know it's answer saying because -- an economy stalls for this long.
It starts to deteriorate a little bit now.
You remember the last two Summers there was talk of double dip recession certainly everyone was afraid it feels like a serious -- -- that.
And then you layer on the recent Supreme Court decision with the Obama care and because a lot of people thought maybe.
-- that was thrown out of the individual mandate was thrown out to be some pent up hiring.
That would go on -- maybe that could spur some sort of summer revival bat.
Hope is out the window and it feels really I guess I hate to say it right now but it feels like a hopeless situation right and this very moment.
When you look at these numbers and for a while it isn't -- feels like -- really just sort of getting used to that you know getting used to these kinds of really high levels when you look at it.
Of unemployment in this country and the message that the president is sending out is that were on the road to recovery that it's not as quick as he wants it to be and here's a look at.
What that unemployment rate looks like -- you can see that we have kind of leveled off and started to dip again.
It -- it's a tough sell.
It's a real -- so we heard ripping -- here's the thing.
You talk about participation rate particularly amongst young people.
Being a devastatingly low levels allow apple may -- to your point they're just sitting this thing out there sitting out the American dream and it's not just the jobs numbers -- that look at.
Look at mortgage rates you would think housing will be through the roof ripped -- through the roof.
Why not go I'll buy -- house why not get married when I have kids -- and look for a job and all facets of our economy people simply just dropped out now maybe.
Maybe the president you know get some sort of you know maybe there's a certain indifference.
That he can take advantage but certainly it's not hopeful it's not the potential of America.
And this is not a typical post recession recovery by any means -- -- you could easily argue this is the worst post recession recovery we've ever had.
You could -- talk about some comparisons back to nineteen.
8182 period in a little -- little while but you -- you spoke Charles about the fact that businesses perhaps had been waiting for that Supreme Court decision.
On health care.
So now that's behind us they are are we in this situation where the market is kind of just waiting for the election is there an inflection point where do we wait to November now to get -- some real sense of where things are going.
The only way I would say that we can really get some traction before November -- of polls start to suggest that Mitt Romney is gonna win this -- do you think back to 2010.
When it was pretty clear that the Republicans are going to take a big chunk out of congress.
The stock market enjoyed a real nice summer rally.
Will get something like that I think we'll be drifting hair and a very narrow range and just hopefully hopefully we don't -- yes.
Nice to have fiscal classified we've heard so much about while nobody knows when that's slipping for the clip -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- It's been a real roller coaster -- concede back in April of 2011.
The economy added over 250000.
Jobs at the very beginning at this chart.
They see that sharp drop these are all numbers of jobs added.
But by the end of last year things started to improve again he got up to 275000.
In the peak.
Recent job adding period that was in January that's about the same time the same as we add that when you look at best -- -- You've got very weak job growth over the last three months here these numbers all under a 100000 this is a zone.
That people are very concerned about right now as we head into what was supposed to be another summer of recovery.
And it doesn't appear to be still would -- take a look at the yellow line let's pull that on.
That is where you would need to be yellow line is are -- -- recovery that's where we'd like to be nowhere near that right now at 80000.
Jobs added this month so that's.
We're at T decisive gap there and one that has a lot of economists very very concerned this morning so we'll keep close -- -- markets and all that -- it's opened up this morning -- -- meantime -- combined number of unemployed and underemployed Americans now stands at just over 23 million people.
The real jobless rate nearing 15%.
When you factor all of that in people.
Who have been out of work for at least six months now topping five million that's 42%.
Of all unemployed people in the United States.