300,000? We meant 30,000!

Abraham Epton

The Department of Labor released the results of its payroll employment survey for July this morning, finding that 32,000 jobs had been added in the last month. This is about 10% of what had been expected, and well below the standard number of jobs needed to maintain a steady level of unemployment (Though the unemployment rate also dropped by 0.1%, this is seen as less significant, since the unemployment survey is smaller, less accurate, and less highly-regarded by economists.) Though the New York Times tried to spin it as nothing more than the economy hitting a "soft patch", and the Washington Post reported that Bush claims that "Economic growth is strong and it's getting stronger," the stock markets told the real story, as the Dow Jones fell 84 points (0.84%), the S&P 500 fell 9.29 points (0.86%) and the NASDAQ fell 21.67 points (1.19%). To make matters worse, the Department of Labor also revised downwards its estimates of job creation for May and June, knocking another 64,000 jobs off the total. That means that for the last three months, only 315,000 new jobs have been created. To keep up with a growing labor force, the economy usually needs to add 150,000 jobs per month, indicating that up to 135,000 more people will have to be added to the unemployment rolls. Add to this the fact that, since Bush was elected, 1.1 million jobs have been lost, and there are going to be a lot more people with plenty of time on their hands to vote come November 2nd.

Help In These Times Celebrate & Have Your Gift Matched!

In These Times is proud to share that we were recently awarded the 16th Annual Izzy Award from the Park Center for Independent Media at Ithaca College. The Izzy Award goes to an independent outlet, journalist or producer for contributions to culture, politics or journalism created outside traditional corporate structures.

Fellow 2024 Izzy awardees include Trina Reynolds-Tyler and Sarah Conway for their joint investigative series “Missing In Chicago," and journalists Mohammed El-Kurd and Lynzy Billing. The Izzy judges also gave special recognition to Democracy Now! for coverage that documented the destruction wreaked in Gaza and raised Palestinian voices to public awareness.

In These Times is proud to stand alongside our fellow awardees in accepting the 2024 Izzy Award. To help us continue producing award-winning journalism a generous donor has pledged to match any donation, dollar-for-dollar, up to $20,000.

Will you help In These Times celebrate and have your gift matched today? Make a tax-deductible contribution to support independent media.

The War on Protest Cover
Get 10 issues for $19.95

Subscribe to the print magazine.