The stark numbers, and then the stark reality:
The economic recovery limped ahead last month as the nation’s private-sector employers added an anemic 83,000 jobs – a pace far too slow to replace the 8.5 million jobs obliterated by the recession.
June marked the second consecutive month of wheezing private-sector job creation, and long-term unemployment reached new post-World War II records, according to the latest monthly U.S. Labor Department report, released Friday….
The year began with high hopes, in part because Washington spent hundreds of billions of dollars on homeowner tax credits, automaker bailouts and public-works spending meant to stimulate the economy.
But the stimulus appears to be wearing off. According to data in the past week, a key index of consumer confidence dropped sharply in June. Auto sales also fell from the previous month.
Manufacturing added 9,000 jobs in June, although Dresser called the increase lukewarm. U.S. manufacturers have added 136,000 jobs since December 2009.
The mortgage meltdown, which triggered the financial crisis and ensuing slump, continued to be felt. Construction employment in June decreased by 22,000.
Should all of this be true — and it is — what does this tell about states and cities and towns that took stimulus money but have nothing to show for it? It suggests that many public projects involved a formula of local promises in exchange federal taxpayers’ money, with little to show afterward.
The mad rush of states, cities, and towns to be first at the trough has been of little advantage for the poor, longterm unemployed, or new entrants to the workforce. There was an emptiness, and a selfish emptiness, in more than a few of these submitted proposals.
See, U.S. private-sector job growth lags in June – JSOnline.