Only 80,000 net jobs created in June: Rate stands at 8.2%

The real unemployment rate - the number that includes part time and discouraged workers - is now at 14.9%. That't the highest it's been in two years. It has also been the weakest quarter for job growth in two years. CNBC: "What a disappointing number," said Jeff Savage, regional chief investment officer for Wells Fargo Private Bank. "This was kind of disastrous. We're not even keeping up with demographics at this point. This is not going to be liked in the markets." Stock market futures, which had been essentially flat before the jobs number was released at 8:30 am ET, fell sharply after, though that disappointment could be tempered by hopes of more stimulus from Washington. "QE3 will be back on the table," Savage said in reference to the Federal Reserve's quantitative easing program. "It will certainly get more serious discussion now. Those who want the Fed to get more involved will have a lot of ammunition off this particular report." There were a few bright spots: The overall...(Read Full Post)