Today’s Job Report for July – Are we Headed in the Right Direction?

President Obama is satisfied with today’s job report and says that we are heading in the right direction! Let’s take a look at the numbers……although true that 162,000 new jobs were added to the economy and  the unemployment rate did drop to 7.4% which is a 4½ year low…..however, this is not the complete story. We found out today that another 240,000 people dropped out of the job market last month in part one of the reasons for the drop in unemployment. Also, we found out that 77% of the jobs created this year have been part time jobs while only 23% were full time jobs. Add to this the fact that black teenage unemployment has skyrocketed to 42% while white teenage unemployment is at 20%....and that 21 million adults are now living at home with their parents……..and finally....the GDP has only been an average of 1.4% for the first 6 months of this year......a very dismal expansion of our economy......these are NOT the results or direction the American people were expecting from this administration!