Posted on 07/02/2009 5:42:39 AM PDT by Red in Blue PA
WASHINGTON -- Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be a bumpy one.
Economists had expected 363,000 job cuts last months, and that the jobless rate would rise to 9.6 percent from 9.4 percent in May.
If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.
Out-of-work with no place to land, the legions of America's unemployed are growing.
The rising rate comes as recession-weary companies continue to cut workers. Economists expect a loss of 363,000 jobs in June, up from 345,000 job cuts in May. Economists believe a chunk of those cuts will be tied to shutdowns at General Motors Corp. and fallout from the troubled auto industry.
Still, if economists' forecasts are correct, it would be consistent with the belief that the worst of employers' payrolls cuts have occurred. Companies are expected to keep shedding jobs through the rest of this year, but economists hope the pace will continue to taper off.
(Excerpt) Read more at foxnews.com ...
The cap and trade bill should help this.
“The cap and trade bill should help this.”
Along with “ObieCare” and coming tax hikes.
“If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994.”
That’s the critical piece right there. Good job, zer0. Thanks for all the effing hope and change.
Under President Bush 8 million jobs were created and GDP was up 3.9% in 2004. Where are all the jobs obama campaigned on? The stimulus is a total failure and the media is not calling him out on it. If you think it’s bad now, wait until cap and trade passes and the Bush tax cuts expire.
There will be two classes; those that on the Federal payroll and those that work to support both themselves and the other class.
The government produces nothing, all they can possibly do is take from someone and give to someone else, keeping some for themselves. Reality 101?
Are we even on the "road to recovery"?
No kidding. This is the Obama economy - rising unemployment and he spends 250k on a date in NY and flies in Luau from Hawaii for the 4th.
TRY TO ATTEND A TEA PARTY IN YOUR AREA ON INDEPENDENCE DAY!
ttp://www.teapartyday.com/Locations.aspx
If the triple whammy of Cap and Tax, ObieCare and other tax hikes come to pass, double-digit (or near-double-digit) unemployment will be a chronic presence in our economy, just like Europe.
Democrats defeated a measure to suspend Cap and Trade if Unemployment reaches 15%.
I wish people would report the real unemployment numbers. We all know it has reached double digit.
With cap and trade my bet is 15% unemployment. Bambi will easily make double digit unemployment in the next quarter.
“Employers in the U.S. cut 467,000 jobs in June, the unemployment rate rose and hourly earnings stagnated, offering little evidence the Obama administration’s stimulus package is shoring up the labor market.”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aDYh1lB6dk2I
Porkulus is failing but we already knew that.
All the “stimulus” did was “save” union jobs for city and state workers.
Memo to the nation’s 0-bots:
It’s. Not. Working.
How’s that hope and change workin’ for ya, O-bots?
}:-)4
“Green Jobs” people...not to worry...
I believe I read on FR a few months back that the number of govt employees surpasses the private sector for the first time. And that trend only seems to be worsening.
Is that the survey or jobless claims?
0-bot response: “OK. We’ll ramp it up and spend even more money which we do not have.”
Sad part of all this is we could be well on the way to true recovery, had the feds sliced taxes across the board. It would’ve cost a fraction of Porkulus and it would’ve immediate caused a needed influx of dollars (EXISTING, not NEWLY PRINTED) dollars into the economy.
But, alas, it’s not the liberal way.
You nailed it.
We are forced to balance our checkbooks while the govt is not.
This has to end at some point, and that point is now.
HEY!!!! I thought the Muslin Chicago gangland thug was SUPPOSE to fix all this????????
“I thought that stimulus thing was supposed to stimulate unemployment. After all, zero said it was working”
What were his words... something like “mission accomplished?”
“With cap and trade my bet is 15% unemployment.”
I wagered a bet with a friend in March that unemployment would peak at 12.5 by March of 2010. Looks like its time to revise the number upward.
Change,baby,Change
“HEY!!!! I thought the Muslim Chicago gangland thug was SUPPOSE to fix all this????????”
I said that to a panhandler at a 7-11 the other day. She asked for some spare change and I replied, “I thought Barack Obama fixed all that already. Am I wrong?” I bought her a sandwich anyway, though, ‘cause I’m that kinda guy.
Surely obama wasn't lying? (ha!) Surely he knows what he's doing (ha!)...
Do you think there a country with an economy that is what ours will soon be? I’m guessing the economic powerhouse of...Chechoslovokia?
Did you create that morphing pic at #29, Counterpunch? Effing BRILLIANT!! Great job!
Mainstream media will say this proves Obama’s plan is working, as the rate “should” have gone to 9.6%...now it is only 9.5%.
What they’ll ignore is Obama’s assertion that if the stimulus DID pass (which it did), unemployment would not rise above 8%.
Thanks.
“I’m guessing the economic powerhouse of...Chechoslovokia?”
Yes, probably so, mainly because Czechoslovakia doesn’t exist anymore, like our economy soon won’t at this rate.
The House is a lost cause. If the Senate doesn’t step up and fight this administration (at least publicly) we are done.
Detroit is now over 24% unemployed!
Thanks UAW! Thanks President Obama! Thanks Democrats!
Nice anim!! Perfect!!
Im sure 0bama and Soros are thrilled.
“Detroit is now over 24% unemployed!”
All the more reason to pass “cap and tax.” Detroit needs all those “green jobs.”
/HEAVY sarc
sw
“Detroit is now over 24% unemployed!”
Yet they keep electing the same dumba&&es to run the place. This is proof Detroit is one massive insane asylum.
It’s... Hugobama! Excellent job!
Slavery, debt so high that it can never be repaid.
Obama says stimulus has “done its job”......
Wow that Amazing Obama Mesiah economic recovery is looking real good right now ain’t it.
Can’t blame Bush on this one, you chump, you been there 6 months, its your show now.
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