New Jobs? Uh…

The July jobs report showed 117K new jobs, but the report also showed no rise in temporary help, no jump in hours worked, no bump in overtime. And, annualized wage growth of 2.8% in July was less that the 3.4% inflation rate. While the unemployment fell to 9.1% it’s because 193K left the labor force! The share of the pop now working is just 58.1%, 1.3% LOWER than when the recession ended in 6/09.