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July Unemployment Figures Expected to be Down

By: CBS
By: CBS

The government's July unemployment report isn't expected to deliver good news Friday. With temporary census jobs ending, economists forecast an overall job loss for the month. That's not welcome news for those trying to make ends meet.

Beverly Gordon never imagined it would be so hard finding work.

"I feel like in a sense it's more like a depression more so than a recession," she said.

She lost her job as an administrative assistant a year-and-a-half ago and has been holding down temp positions. But now even those she says are hard to come by.

“It's sort of an abyss out there, and I don't think the jobs really are there,” said Gordon.

Friday’s unemployment report isn't expected to show any improvement. Analysts predict the economy lost at least 65,000 jobs in July and the unemployment rate edged up from 9.5 to 9.6 percent.

Without more jobs, many economists believe Americans will continue keeping a tight grip on their wallets, slowing the economic recovery even further.

The economy has grown in the past year, regaining 73 percent of the output lost during the recession, but only 7 percent of the more than 8 million jobs lost, meaning less people are doing more work.

"So a huge disconnect between a recovery in output and a recovery in jobs," said Lakshman Achuthan, Managing Director of Economic Cycle Research Institute.

Analysts agree faster job growth is the key to getting the economy back on track.
13 million private sector jobs would need to be added by the end of 2013 to bring unemployment down to 6 percent. That's 320,000 new jobs every month.

But Beverly Gordon can't wait until then.

"I feel that each passing day I'm edging into that panic mode," she said.

Her unemployment checks run out in November.


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