Well folks, time to close up shop. Whatever you’re doing, it’s (obviously) time to give up all hope. The June jobs report was released today and, well, let’s just say that it was horrible. Here’s a taste of how CNN approached the subject:
“At first, when I heard it, I thought maybe they had announced the wrong numbers, they were so bad,” said Robert Brusca of Fact and Opinion Economics.
Economists were expecting government job losses, but few had predicted that private businesses would pull the reins back so tightly.
Private businesses added only 57,000 jobs in June – the weakest growth since May 2010. Earlier this year, businesses had been adding more than 200,000 jobs each month.
And The New York Times:
The numbers showed the continuing challenges of adding jobs to the economy even at a rate that keeps pace with population growth, two years after the official end of the longest economic downturn since the Great Depression.
The report said that 14.1 million people were out of work in June, among them 6.3 million who have been jobless for six months or longer. In May, the total number of unemployed people was reported as 13.9 million, with the long-term unemployed at 6.2 million.
See what I mean? It’s way over folks.
Even though our economy survived That Great “Depression” Thing, even though America has been around since 1776 and has weathered a multitude of cultural and economic shifts, and even though we’re obviously watching the jobs market change from corporate/industrial production to individual productivity (which definitely wouldn’t affect these “jobs” reports, right?), this June report is absolutely something we should all take out of context and let ruin our weekends. Maybe we could—YES!—maybe we could even take it out of context and judge Obama’s entire presidency on this one month! That’s entirely logical, and I think we should do it? Can we do it? Ok, let’s do it.
(This is what America¹ does anytime something unfavorable happens: We take things out of context. We assume. We get angry. We blame, and we shift responsibility. The reality is that there are so many other things that aren’t being factored into our collective interpretation of these job reports. Cultural shifts like, um, The Internet, that are fundamentally shifting the way we work. And while that won’t likely make anybody who’s recently lost their job—or who’s been looking for one for a while—feel any better, it’s the honest truth. We have to take dips like this in context. We have to believe that things can—no, will, get better. Because if we don’t, collectively, stay positive, I can promise you that it will only get worse.)
¹ Or maybe it’s just “humanity,” rather.