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Press Release - What They're Saying: "This Stinks"

August 03, 2012

Reuters: "The Unemployment Rate Rose From 8.2 Percent In June, Even As More People Gave Up The Search For Work And A Survey Of Households Showed A Drop In Employment." "However, the unemployment rate rose from 8.2 percent in June, even as more people gave up the search for work and a survey of households showed a drop in employment." ("U.S. Unemployment Climbs To 8.3%," Reuters, 8/3/12)

  • "The Unemployment Rate Has Been Stuck Above 8 Percent For More Than Three Years, The Longest Run Since The Great Depression." ("U.S. Unemployment Climbs To 8.3%," Reuters, 8/3/12)

CNBC: "The Report's Household Showed That The Actual Amount Of Americans Working Dropped By 195,000..." "Despite the seemingly good news, the report's household showed that the actual amount of Americans working dropped by 195,000, with the net job gain resulting primarily from seasonal adjustments in the establishment survey. The birth-death model, which approximates net job growth from newly added or closed businesses, added 52,000 to the total." (Jeff Cox, "Economy Creates 163,000 New Jobs But Rate Rises To 8.3 %," CNBC.com, 8/3/12)

The Economist: "Household Data Showed A Decline In Both Employment And The Size Of The Labor Force. The Employment-Population Ratio Reversed Recent Gains..." "Household data showed a decline in both employment and the size of the labor force. The employment-population ratio reversed recent gains, dropping back to 58.4% from 58.6%." ("The Big Picture," The Economist, 8/3/12)

Dan Greenhaus, Chief Global Strategist Of BTIG: "This Stinks." GREENHAUS: "It doesn't change the larger story, which is, this stinks. I mean there's no really other way to explain it. An economy growing at 1% to 2%, maybe 2.2% is terrible." (CNBC 's "Squawk On The Street," 8/3/12)

The Washington Post's Brad Plummer: "Many Of The Bleakest Aspects Of The Jobs Market Haven't Changed A Bit." (Brad Plummer, "July Jobs Report: Why The Unemployment Rate Just Won't Budge," The Washington Post, 8/3/12)

  • "So The U.S. Economy Keeps Plodding Along. And There's Little Reason To Think That Trajectory Will Change Drastically Anytime Soon." (Brad Plummer, "July Jobs Report: Why The Unemployment Rate Just Won't Budge," The Washington Post, 8/3/12)

Fox Business Network's Ray Hennessey: "That Makes That Unemployment Rate Number A Really, Really Bad Number..." HENNESSEY: "That, however, did not happen here and so, that makes that unemployment rate number a really, really bad number, that rise, kind of troubling, because you still have 155,000 people leave the work force. And if you listen to what Rich just said about that U-6 number, the so-called real unemployment rate, that's 15%. That means that only 85% of this country is actually working who can work. And you look at the labor force participation rate, that's going down to 63.7%, meaning more people who should be working aren't. So you continue to have a very discouraged labor force." (Fox Business, 8/3/12)

  • Hennessey: "You Continue To Have A Very Discouraged Labor Force." (Fox Business, 8/3/12)

Ed Lazear, Former Chairman Of The Council Of Economic Advisers: "One Of The Things That's Disturbing To Me Is We've Seen Layoffs Increase To The Highest Level That We've Had In The Last Two Years."  LAZEAR: "One of the things that's disturbing to me is we've seen layoffs increase to the highest level that we've had in the last two years, so that's a little bit disturbing. The number of hires that we're looking at are still kind of the same level we've been at since 2009, that's not a great statistic. So I kind of see us muddling along." (CNBC's "Squawk Box," 8/3/12)

Mitt Romney, Press Release - What They're Saying: "This Stinks" Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/302260

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