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Unemployment Rate Hits 5-Year High As Economy Continues to Shed Jobs [6.1%.......]
Wall Street Journal ^

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 ...


TOPICS: Business/Economy; Front Page News; News/Current Events
KEYWORDS: busheconomy; economy; unemployment
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1 posted on 09/05/2008 6:55:42 AM PDT by Sub-Driver
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To: Sub-Driver

Higher business energy expenses need to be offset somewhere. Along with energy impact on consumer consumption.


2 posted on 09/05/2008 6:57:34 AM PDT by frankjr (The Thrilla From Wasilla!)
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To: frankjr
Don't forget the raise to the minimum wage....
3 posted on 09/05/2008 6:58:36 AM PDT by Sybeck1 (I would rather be water-boarded than vote for John McCain......)
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To: Sub-Driver

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.


4 posted on 09/05/2008 6:59:16 AM PDT by DallasBiff
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To: frankjr

This is correct and I truly believe the Republicans could sell this message if they frame it correctly.


5 posted on 09/05/2008 6:59:18 AM PDT by truthandlife ("Some trust in chariots and some in horses, but we trust in the name of the LORD our God." (Ps 20:7))
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To: DallasBiff

Absolutely! They need to hit a Drill, Drill, Drill theme all the time.


6 posted on 09/05/2008 7:02:43 AM PDT by Anti-Bubba182
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To: Sub-Driver

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.


7 posted on 09/05/2008 7:02:43 AM PDT by txzman (Jer 23:29)
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To: Sub-Driver

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.


8 posted on 09/05/2008 7:04:41 AM PDT by keats5
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To: Sub-Driver

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.


9 posted on 09/05/2008 7:05:10 AM PDT by mass55th (Courage is being scared to death - but saddling up anyway...John Wayne)
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To: txzman

“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.


10 posted on 09/05/2008 7:06:57 AM PDT by DemonDeac
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To: Sub-Driver

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.


11 posted on 09/05/2008 7:08:38 AM PDT by DungeonMaster (Proverbs 24:21 My son, fear the LORD and the king; Do not associate with those given to CHANGE)
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To: Sub-Driver

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.


12 posted on 09/05/2008 7:08:39 AM PDT by misterrob (Obama-Does America Need Another Jimmy Carter?)
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To: Sub-Driver

Last time they adjust growth up and lost jobs down. Why? Will it happen again?


13 posted on 09/05/2008 7:09:10 AM PDT by xzins (Retired Army Chaplain -- Those denying the War was Necessary Do NOT Support the Troops!)
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To: DallasBiff
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.

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....

14 posted on 09/05/2008 7:10:57 AM PDT by SevenMinusOne
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To: keats5
Yup...and guess what...the incumbents are running and ducking hard and fast as they screwed the economy from a 2-year .."Do NOTHING" Congress.

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??

15 posted on 09/05/2008 7:11:45 AM PDT by RSmithOpt (Liberalism: Highway to Hell)
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To: Sub-Driver
Minimum wage was effective July 24th. We warned them. You have to balance a payroll and are entitled to make an investment.

Can someone tell me why kids, still in school and supported by their parents need to "make a living"?

16 posted on 09/05/2008 7:12:12 AM PDT by Sacajaweau (I'm planting corn...Have to feed my car...)
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To: Sub-Driver

Want to turn the economy around and create the good, long-term, high paying jobs of the future?

One word. Just one word:

“Hemp.”


17 posted on 09/05/2008 7:13:30 AM PDT by Natchez Hawk (What's so funny about the first, second, and fourth amendments?)
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To: Sybeck1
Don't forget the raise to the minimum wage....

DING DING DING....tell him what he's won, Don!
18 posted on 09/05/2008 7:13:51 AM PDT by bamahead (Few men desire liberty; most men wish only for a just master. -- Sallust)
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To: Sub-Driver

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.

D’oh.


19 posted on 09/05/2008 7:13:52 AM PDT by silverleaf (Fasten your seat belts- it's going to be a BUMPY ride.)
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To: frankjr

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.


20 posted on 09/05/2008 7:15:15 AM PDT by pallis
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