Department of Labor releases new unemployment figures

Figures released today by the US Bureau of Labor Statistics show a slight decrease in the national unemployment rate. July´s numbers dropped a tenth of  a percentage point to 9.4 percent.  These figures refer to non-farm payroll positions and account for about 14.5 million people out of work.

While some lawmakers on Capitol Hill characterized the news as a sign that the economy is improving, the White House cautioned that Americans have a long road ahead.

“Today we´re pointed in the right direction, we´re losing jobs at half the rate we were when I took office…we´ve enabled families to reduce the payments on their mortgages making their homes more affordable and reducing the number of foreclosures, we helped revive the credit markets and opened loans for families and small businesses…while we rescued our economy from catastrophe, we´ve also begun to build a new foundation for growth…”

The Labor Department figures most frequently cited when discussing unemployment only show part of the picture.  To take a deeper look at the jobless situation in the US, FSRN spoke to Chris Tilly. He directs the Institute for Research on Labor and Employment at UCLA.