weekend commentary - 80,000 new US Jobs Created, 85,000 added to Disability Rolls
sometimes truth is stranger than fiction ...
(snip)U.S. payrolls expanded by just 80,000 net jobs in June keeping the unemployment rate flat at 8.2 percent, new data from the Bureau of Labor Statistics shows.
The private sector only expanded by some 84,000 positions.
Economists polled by Bloomberg had forecast a gain of 100,000 positions during the month, with private payrolls advancing 106,000.
The disappointing report, which follows several months of weak economic gains, has sent U.S. markets sharply lower.
Millan Mulraine, an economist with TD Securities, attributed the gains to the manufacturing industry, which improved by 11,000 jobs this June. The service sector added 71,000 positions, down from 81,000 a month earlier.
However, Mulraine said the new data continues to emphasize the stagnating labor market recovery.(snip) from
(snip)"More workers joined the federal government's disability program in June than got new jobs, according to two new government reports, a clear indicator of how bleak the nation's jobs picture is after three full years of economic recovery.
The economy created just 80,000 jobs in June, the Bureau of Labor Statistics reported Friday. But that same month, 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration.
The disability ranks have outpaced job growth throughout President Obama's recovery. While the economy has created 2.6 million jobs since June 2009, fully 3.1 million workers signed up for disability benefits.
In other words, the number of new disability enrollees has climbed 19% faster than the number of jobs created during the sluggish recovery. Even after accounting for people who left the disability program because they died or aged into retirement [ trading their SSI disability check for an SSI retirement check - sic], disability ranks have climbed more than 1.1 million in the past three years. (snip) from
Re: weekend commentary - 80,000 new US Jobs Created, 85,000 added to Disability Rolls
also, consider this very 'interesting' chart from BLS unemployment data ...
http://2.bp.blogspot.com/-cJUTBmoAaA...employment.png
Between the unprecedented number of Americans receiving SSI Disability benefits, and the unprecedented number of Americans who remain unemployed for 27 weeks or more ( while collecting food stamps, medicaid etc. along with unemployment insurance checks ), it would appear that an unprededented number of Americans have recently transitioned from being tax PAYING productive members of the US economy to tax CONSUMING 'wards of the state'.