The unemployment rate in the United States increased to 8.3 percent in July even if 163,000 new jobs were created. Friday’s job report showed that payrolls have an upward trend for the past two years, with an average of around 150,000 new jobs per month. The pace is measly compared with the millions of jobs lost during the recession that started late 2007.
Compared with the job recovery after the past two recessions, the job growth at present is just what the analysts have expected. It was lukewarm after both the recessions of 1990 and 2001, which are said to be shallow and not as deep as the economic drop of December 2007. The climb back from the past two recessions was less impressive.
The current jobs recovery is very weak. Two years after the recession ended in 1982, the average job growth increased around 280,000 jobs per month. According to Gary Burtless, economists at the Brookings Institute, the present recovery is not the slowest by it’s the slowest one after a deep recession.
Right after the release of Friday’s jobs report, President Barack Obama said that millions of jobs have been added over the past 29 months. He added that more were needed because of the severity of the 2007 recession.
Romney issued a statement that described the increase in unemployment rate a blow to middle class families. He said that the middle class Americans deserve better and he believes that America can do better. He noted that the unemployment rate was above eight percent for 42 straight months.
The jobs report shows payrolls expanded by 163,000 people, which is a good number after three straight months of disappointing job gains. Jobs increase in the private sector by 172,000. Jobs in the manufacturing sector were up by 25,000. The government cut 9,000 jobs in July.