June nonfarm payrolls expanded by 80,000 and the unemployment rate held steady at 8.2%. There are still 12.7 million people classified as unemployed, with 41.9% of them being unemployed 27 weeks or longer. In the first quarter of 2012, the average payroll gain was 226,000 per month. The second quarter averaged a mere 75,000 per month. It seems as though job creation has effectively taken the early summer off.
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