Economy Still Not Generating Enough Jobs

[Omaha Steve]

Full story: http://blog.aflcio.org/2006/07/07/economy-still-not-generating-enough-jobs/

Economy Still Not Generating Enough Jobs

Despite Bush administration claims that the economy is strong, job growth fell far behind the rate expected for the third month in a row, according to the Labor Department’s monthly jobs report. The nation’s job machine, which never really revved up after the recession, is slowing down—and that could mean even fewer jobs in the future, according to a report by the Economic Policy Institute.

The economy generated only 121,000 new jobs in June, for a quarterly average of 108,000 per month, far below the previous quarter’s average rate of 176,000, making this the slowest quarter for job growth since the third quarter of 2003, says EPI senior economist Jared Bernstein.

The increase in jobs is not even enough to keep up with the increase in the nation’s population, according to the U.S. Census Bureau.

The U.S. Bureau of Labor Statistics reported today the private sector added only 90,000 jobs last month—86,000 per month over the quarter—a clear sign that the economy is generating fewer jobs, Bernstein says.

[whistle]

1. U.S. economy is not generating enough of anything...coming close to

...a $1 trillion deficient in both the cumulative annual trade deficit and the federal budget deficit. We are spending way beyond what we have the capacity to produce and the only way these deficits can be eliminated will be to steal from the middle class americans.