JUNE JOBS REPORT
June Jobs Report: Continued, Solid Gains, But That 5.3 Percent Unemployment Rate Makes the Job Market Look Better Than It Is
As the job market has gradually tightened, I've expected to see some upward movement in the labor force participation rate, as labor demand pulled more people into the workforce. The fact that this has yet to occur suggests that there is much more slack than the 5.3 percent unemployment rate suggests.
From watching cable, you'd think the only news this week was the George Zimmerman trial. But as CNN spent Wednesday breathlessly team-covering every angle of some badly-Skyped-in testimony, a hint of other news appeared in a small box on-screen, captioned "coup under way." That was, of course, referring to the fact that Egyptian President Mohammed Morsi was being toppled. Is this monomaniacal coverage really the best way to honor Trayvon Martin's memory? It was enough to send me clicking over to the Golf Channel -- and I don't even play, though I did learn what a mulligan is. If the media took one, maybe next time, in addition to Egypt, they'd also cover yet another middling jobs report released on Friday, which showed the economy adding mostly low-wage jobs and still on pace to reach full-employment only by decade's end. But don't tell anybody.
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This week, researchers at the European Organization for Nuclear Research (aka CERN) found God. Or at least "the god particle." A Big Bang of Higgs boson jokes ensued -- many of them involving a priest and a play on the word "mass." With the god particle out of the way, maybe the CERN folks can try to isolate Mitt Romney's position on health care next. Speaking of Romney, he took a break from competing in the "Romney Olympics" and riding jet skis on Lake Winnipesaukee to criticize President Obama for the dreary June jobs report and promise to create an economy where more Americans can "take a vacation now and then with their loved ones." HuffPost's Jason Cherkis offered a suggestion for a new Romney campaign slogan: "A jet ski in every pot." Finally, don't believe those sources: Chief Justice Roberts didn't write any of this Sunday Roundup.