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Dismal Jobs Report Reflects Economic Decline
America is a third world country.
by Stephen Lendman
Years ago, America's economy was a job creation machine. Today it's rusted, wheezing, and sputtering on the way to collapsing.
In June, America added 80,000 jobs. U-3 unemployment remained at 8.2%. Based on 1980 calculations, it tops 22%.
Most jobs created are part-time, low-pay temp ones. The nation's manufacturing base largely exists offshore. So do many high-pay service jobs.
Expectations were missed for the fourth straight month. Typically at this stage of the economic cycle, around a quarter million monthly jobs are created. Moreover, 36 months after an alleged recovery, U-3 unemployment is 3.6% below the pre-recession high.
The household survey adjusted on a comparable basis to the headline payroll one showed 153,000 June job losses. It was the third decline in the past four months. In total, 666,000 jobs are gone.
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