July Unemployment 7.4%, Down from 7.6% in June; But Still Wearing Us Down

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CNN’s Tom Foreman reports on the unemployment rate and how it affects workers and the labor market.

Fewer people were hired in July than expected, more were hired at low wage positions. There is no sign that we are going to get out of the 7 percent range.

The job market is a total employer’s market: If a person is looking for a job, they take what ever is offered to them, and if a person has a job, they don’t complain.

Younger workers have have the hardest time because the lower wages they start with may stick with them.

People are saving less, spending less, and paying less taxes.


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