Skip to comments.Unemployment Rate Hits 5-Year High As Economy Continues to Shed Jobs [6.1%.......]
Posted on 09/05/2008 6:55:42 AM PDT by Sub-Driver
Unemployment Rate Hits 5-Year High As Economy Continues to Shed Jobs By BRIAN BLACKSTONE September 5, 2008 9:27 a.m.
WASHINGTON -- The U.S. jobless rate unexpectedly jumped in August to a nearly five-year high as employment fell for an eighth-straight month, raising the risk of recession as households face a struggling labor market and high inflation.
The data, which included a modest rise in wages, suggest Federal Reserve officials will hold interest rates steady when they meet later this month and at subsequent meetings through the end of the year.
Nonfarm payrolls, which are calculated by a survey of establishments, declined 84,000 in August, the Labor Department said Friday. The pullback was broad-based, including manufacturing, construction and service industries. June and July were revised to show bigger declines. June's revision was particularly large, to a 100,000 loss in jobs from a prior estimate of just 51,000.
(Excerpt) Read more at online.wsj.com ...
Higher business energy expenses need to be offset somewhere. Along with energy impact on consumer consumption.
McCain/Palin should hammer the point that cheap and plentiful energy fuels our economy and that Obama is happy about the high energy costs and the resultant brakes that puts on the US economy.
This is correct and I truly believe the Republicans could sell this message if they frame it correctly.
Absolutely! They need to hit a Drill, Drill, Drill theme all the time.
The Press loves getting in teh word ‘Recession’ into any story on the economy. Only Doom, Gloom and the Death of Hope at the hands of rich white men will do for their stories.
If any political entity effects the economy, it’s the Legislature. People understand this. That’s why the approval rating of Congress is in the single digits.
Students are returning to school. Wouldn’t that play a roll in this? I’m dumb when it comes to this stuff, so please excuse if it’s a stupid question. Somebody told me a long time ago, that the only stupid question, was the one you didn’t ask.
“Only Doom, Gloom and the Death of Hope at the hands of rich white men will do for their stories.”
Hard to spin a lot of the recent news in a positive light.
The US Auto industry is in the tank. That alone has to count for a lot of job loss. Ford’s market cap has almost dipped lower than Harley.
There is an unwinding happening here. Housing and other asset declines, deflated dollars and reduced purchasing power, lack of affordable energy and yes, there will be pain while we work this out. Bubbles create a huge mess when they pop and we saw it in 2000-2003 and we are seeing it now.
Last time they adjust growth up and lost jobs down. Why? Will it happen again?
Bingo - Along with the fact that the DEM Congress increased the minimum wage - Econ 101, tax something and you will get less of it for a period of time - The DEM congress put a tax on labor and we have less of it -
This issue is just sitting there for the GOP to go on the attack on - Show 06, when DEMs took control of Congress and today - The GOP is pathetic when it comes to going on the offensive on issues - Energy costs and labor costs are the two main factors for higher unemployment right now....
The Libs want socialism and will kill everyone that gets in their way.
Seems as though McLame and Zero and Mr. Gaffe aren't being asked any tough questions relating to this subject specifically about domestic energy improvements, trade deficits, unbalanced budgets, the sub-prime orgy, illegal immigration, and the open US southern border.
And what I mean is....why they did nothing to help any of the above from raping the US consumer??
Can someone tell me why kids, still in school and supported by their parents need to "make a living"?
Want to turn the economy around and create the good, long-term, high paying jobs of the future?
One word. Just one word:
Gee, didn’t President Bush on 30 June just sign another extension of unemployment benefits? Might this not have inspired more people to sign up as unemployed.
It takes energy to run a business, to get people to work and to the store. Carter found that out when unemployment went over 10 percent, back in the days of his double digit economy, double digit inflation rates, double digit interest rates and double digit unemployment. If the Dems and greens keep blocking energy progress, we’ll get another Carter economy and worse.
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