July 2, 2010 Unemployment rates issued today show a small reduction in the unemployment rates with Michigan having the highest rate of unemployed with 9.6 %, followed by Rhode Island at 9.3 and California at 8.4 percent.
The unemployment rate went down because 600,000 people stopped looking for work and the recovery for the summer does not look promising. Jobs fro women dropped also and jobs in male dominated construction sectors have dried up. The oil rig workers will show up in these numbers and private sector job creation has been seen every month this year. Economists are very concerned with the lack of job creation in this report and the prediction is cronically high unemployment for the rest of this year.
Unemployment Rate drops Slightly for June-Still Slow Economy
The unemployment rates indicates a slow economic recovery for the US with businesses alone only adding 83,000 workers and people who are not looking for work are not counted in these figures. Most in business and government were looking for a more robust private sector job creation growth and were disappointed in the figures.
The Labor department indicated that 125,000 jobs were cut in May which is the highest loss of jobs since October of 2009. Obama’s last speech on the economy stated the economy is moving in the right direction but not strong enough or quick enough as some would like to see happening in 2010.
South Carolina with 8.4 percent also has a high jobless rate and across the country 14.5 million people are still looking for jobs. Workers are also earning less money on the hourly rates of pay in May or June, 2010 wages are not rising and hours of work are dropping.
The number of Americans cut off by unemployment benefits will grow this month due to Congress not approving the extension of unemployment benefits and Senate Republicans blocked the extension to the jobless. Republicans said it would add to the deficit yet approving funds for the continuation of the wars is always passed by the same members of Congress.
