Posted on 09/04/2009 7:26:18 AM PDT by SeekAndFind
The US economy shed 216,000 jobs in August, less than the 276,000 lost last month and the 225,000 loss economists were expecting, the Labor Department reported today. With monthly job losses still elevated, the unemployment rate rose to 9.7% in August, its highest level since June 1983.
Labor also revised June job losses from 443,000 to 463,000 and July job losses from 247,000 to 276,000, which together adds another 49,000 jobs lost over the last three months. Economists have said the economy needs to create about 100,000 jobs each month to keep up with new workers, but with August's numbers, the economy has averaged a loss of about 485,833 jobs per month over the last 12 months. Since the recession began in December 2007, the US has lost a total 7.4 mln jobs and the total number of unemployed persons has risen to 14.9 mln.
The labor force participation rate, which includes the number of working-aged people with jobs, remained unchanged at 65.5%. In August, there were a total 2.3 mln people who were marginally attached to the labor force, 758,000 of which were discouraged workers, nearly double the number recorded one year ago.
Jobs were lost in all sectors of the economy except for education and health services, which added 52,000. Yet payroll declines in other sectors saw some moderation. Service-sector jobs fell by 80,000 and retail lost 9,600 jobs, both registering the smallest declines in over a year.
Construction lost 65,000 jobs while the manufacturing sector lost 63,000 jobs.
Average hourly wages rose 0.3% in August or by 6 cents to $18.65.
The average workweek was unchanged at 33.1 hours as expected.
(Excerpt) Read more at forbes.com ...
My bet’s on 15 to 18.
Wait until the massive inflation of this Administrations bloated overspending hits.
Exactly so. The real unemployment number is much higher. You cannot believe any statistic the government lays on you without checking it yourself. I think even the CBO is fudging on their numners a bit trying to put a rosier spin on them than they would under normal conditions. I believe pressure is being put on the CBO by the administration and members of Congress when it is supposed to be non partisan.
Exactly so. The real unemployment number is much higher. You cannot believe any statistic the government lays on you without checking it yourself. I think even the CBO is fudging on their numners a bit trying to put a rosier spin on them than they would under normal conditions. I believe pressure is being put on the CBO by the administration and members of Congress when it is supposed to be non partisan.
Ping!
Can you believe these guys?
All during the Bush presidency they were saying the economy is a disaster, a catastrophe, and that we were in a deep recession even when times were good during the Bush years.
Now these same dumbasses want the American people to be patient.
For how long?
Until they have no places to live.
Until they have no jobs to go to.
Until they have no money because the government takes it all.
Obama is ruining the country as we speak.
Doesn’t matter! The Stock Market is up. Hooray!
Yahoo had a similar report, and I noticed another kind of fudging. Before, the Feds said unemployment might REACH 10 % at end of year. Now they are saying it might TOP 10%.
LOL, thanks for the laugh, my wife would like that.
Also welcome to FR.
It is all Bushes, Fred Flintstone and Barney Rubbles fault.
And in the world of reality, the unemployment rate is at least twice that, closer to 20%, and will probably go even higher. Wake up America, your President is hell bent on destroying the Nation.
According to the SRM (state run media) unemployment is at a 26 year high.....and the market is up... Sumtin fishy in Bean Town.
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