Economists are breathing a sigh of relief after the Labor Department reported last week that employers added 163,000 workers to their payrolls last month, doubling the 80,000 jobs added in June. More jobs were added in July than in the previous two months combined (69,000 jobs were picked up in May). The unemployment rate still managed to creep up to 8.3 percent from 8.2 percent in June, confounding supporters of President Obama and rallying the Republicans eager for the showdown in November.
How can the unemployment rate go up as the economy gains jobs? It depends on whom you ask. The Labor Department utilizes two different surveys to measure the employment outlook in the U.S. The government polls business owners to get the jobs number, which economists say is a more accurate gauge of employment trends. The unemployment rate is derived from household surveys.
When it comes to the Black unemployment rate, it doesn’t matter who you ask – the numbers are dismal. (Seattle Medium)