US unemployment rate disappoints

Employers added almost no new net jobs last month, and the unemployment rate was little changed at 9.2 percent, up slightly from 9.1 percent. The latest report from the Labor Department was disappointing and has many people concerned about the economic recovery.

The number of long-term unemployed, or those without jobs for at least 27 weeks, was mostly the same at 6.3 million. The long-term unemployed account for 44.4 percent of those who are jobless. The number of people unemployed for less than five weeks rose by 412,000 in June.

For many jobless folks, it is impossible to even think about building a savings and planning for the future. In fact, people who are counted as long-term unemployed are more likely to dip into any savings accounts, or even retirement funds, to pay for basic living expenses.

Some people are able to find part-time employment to help pay bills even if that isn’t their preference. These involuntary part-time workers, who numbered 8.6 million in June, either had their hours cut or were unable to find a full-time job. There also were 2.7 million people marginally attached to the labor force. They wanted and were available for work and had job hunted sometime in the previous 12 months, but were not counted as unemployed because they hadn’t looked for work in the four weeks preceding the survey.

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