The government’s latest snapshot of the job market was bleak, a sign the economic recovery is running out of steam with 14.6 million Americans still searching for work.
Job growth proved anemic in July as governments cut jobs and private-sector employers barely expanded.
The economy shed 131,000 jobs, as 143,000 temporary Census workers fell off federal payrolls. Private-sector employment grew by 71,000 in July after a downwardly revised 31,000 in June. Government employment, not counting Census workers, fell by 59,000.
The unemployment rate held steady at 9.5% largely because people gave up hope of finding work and left the labor force.
There’s a way out and up — Significant and permanent reductions in the tax burden on Americans, at all levels, and comprehensive reductions in the size of federal, state, and local government will lift the economy.
See, U.S. Employers Shed 131,000 Jobs in July; Unemployment Rate Steady at 9.5% – WSJ.com.