The Upshot

Unemployment rate drops, but jobs picture still grim

The Upshot

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The national unemployment rate dropped from 9.7% to 9.5% in June. But the economy still lost 125,000 jobs.

How does that make sense? Private sector job growth remained weak and 225,000 temporary government jobs conducting the census disappeared. But the unemployment rate dropped because 652,000 gave up looking for a new gig and are therefore no longer counted as unemployed.

A dark underside to what would otherwise appear to be a positive trend.

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