August 3 2012
July Jobs Report is Out
The July jobs report is out and it is not what a sitting president would hope for less than six months before an election. Nonfarm payroll employment rose by 163,000 in July, and the unemployment rate rose to 8.3 percent. According to the report, about 12.8 million people are unemployed. Specifically, the unemployment rate for adult women is 7.5 percent.
One number in particular stuck out to me--5.2 million people are classified as long-term unemployed. Those who are classified as long-term unemployed are those who are jobless for 27 weeks or more. This type of unemployment has big consequences in general, but I would like to know how many of these long-term unemployed are in their first few years of work. The tough economy will certainly impact their career prospects now and in the future, and is likely drastically cutting their earning potential as well.
Yet young voters, at least for now, don't seem to associate the tough economy with President Obama's economic policies. There is a disconnect. Young adults under 30 support President Obama by almost 2-1, which is unchanged from the 2008 election. The President is holding on to the support of young voters for now, but that might change as I expect more and more young voters to make the connection between his policies and their job prospects.