*Despite well over a trillion dollars in government stimulus, the nation’s economy refuses to climb out of its current “Great Recession.”
This point was driven home last week when the Labor Department released its monthly employment report. The report showed the nation’s jobless rate actually declining from 9.7 percent in May to 9.5 percent in June.
However, the primary reason for the decline was that a whopping 652,000 Americans became frustrated and simply gave up the search for a job. Since the Labor Department only counts you as unemployed if you are actually looking for work, the jobless figure improved mathematically even though there was no actual improvement in the economy. In fact, businesses cut 125,000 jobs last month.
Overall, Blacks saw their unemployment rate drop from 15.5 percent in May to 15.4 percent last month. Such a drop is considered statistically insignificant.
Meanwhile, unemployment for whites also fell slightly declining from 8.8 percent in May to 8.6 percent in June. The Hispanic jobless rate stayed the same standing at 12.4 percent in both May and June. (Taylor Media Services)