Employment

U.S. Really Lost Jobs in July

Widely touted job "gain" figures include seasonal adjustments that discount an actual decline of 1.2 million in the number of jobs nationwide

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Everyone (including us) is saying this morning that the U.S. economy gained 163,000 jobs last month. Strictly speaking, this is a lie.

In fact, the U.S. economy actually lost 1.2 million jobs last month. There were 134.1 million jobs in June, and 132.9 million jobs in July.