June’s jobs report: The private sector still needs a boost.
“In June, private employers added a mere 84,000 jobs. They added 105,000 jobs the month before, and 85,000 the month before that. To put this in some context, the economy needs to add about 100,000 to 150,000 new jobs each month just to keep up with population growth, whereas the private sector has averaged a mere 91,000 over the past three months. Which is to say, even if government job losses weren’t weighing us down, we’d still be struggling because the private sector has been pretty damn anemic. Even the part of the labor market that’s growing isn’t growing at a minimally acceptable rate.
The upshot is that we’re no longer in a world where sending states a few tens of billions of dollars to shore up their finances is going to get the recovery on track. The economy, by which I mean the private sector, is disconcertingly weak, and strengthening it is going to take something on the order of several-hundred-billion dollars.”
–– Noam Scheiber, “Today’s Jobs Report: Private Sector *Not* Fine”