Posted on 07/02/2009 3:35:49 AM PDT by tobyhill
Out-of-work with no place to land, the legions of America's unemployed are growing.
The Labor Department is scheduled to release a report Thursday expected to show the nation's unemployment rate edging closer to double digits. Wall Street economists predict the jobless rate will rise to 9.6 percent in June from 9.4 percent in May. That would mark a 26-year high.
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.
"Employers were very quick to pull the trigger on job cuts last year, and most of the biggest cuts are behind us. But companies are going to be very cautious about hiring," said economist Ken Mayland, president of ClearView Economics.
The deepest job cuts of the recession came in January, when 741,000 jobs vanished, the most in any month since 1949.
(Excerpt) Read more at foxnews.com ...
Heard on early morning news that the One has declared the stimulus as successful.
They will tag it as George Bush’s Unemployment Rate. Wonder how long they can use that line?
Actually, I’ve read that it’s closer to 20% unemployment if figured the way it used to be figured during the Reagan years. Apparently the statistics have been “fiddled with” to make them look a lot better than the way it was done back then.
So, we’re actually not too far off what the unemployment was during the Great Depression of the 30s....
I’m sure he has. And it has been in his minds. The money is making it to his allies and cronies. Its a huge success in its intended task.
The nationalization of the health care industry will will make the situation even worse
Neither Wall Street nor Main Street like uncertainty...
Not long. It’s worn thin and even the Libs know it.
“(Obama, how’s that stimulus working?) “
How the hell would he know,
obamma lamma is out getting ice cream with his brats.
What do they mean edging towards double digits? It’s there and has been for a while.
As the downturn bites into sales and profits, companies have turned to layoffs and other cost-cutting measures to survive. Those include holding down workers' hours and freezing or cutting pay. In May, the average work week fell to 33.1 hours, the lowest on record dating to 1964.
CHANGE.
Obama: the nation's first black Dhimmi Carter.
Don't blame me. I voted for Sarah.
Cheers!
Leaders walk around in denial enjoying the perks of office while everyday people have to throw mattresses into gigantic potholes in the streets in their neighborhoods to keep from knocking mufflers and oil pans off the bottoms of their cars.
This is the same big lie told by infamous communist dictatorships such as Cuba where "everything is fine, the people are happy and we are the most successful government in the world."
Sounds like fuzzy math.
It will be 10%
Yeah, the Obama Administration probably specializes in fuzzy math. But, what they’ve actually got is unemployment that is nearing the Great Depression levels of the 1930s....
The number does not count those that have exhausted benefits, and are no longer looking for work. Anyone who has received an extension is not counted. The number is actually about 5%-10% higher than what is being reported. Look at the number of claims of people who contniue to receive benefits long-term.
Odumma is touting it as working. He touts state worker jobs saved. Well after that stimulus money is gone those jobs are gone. You cannot create weatlh with state jobs. They rely on the taxes of the private sector for those payrolls. The private sector is the area that is increasingly shrinking.
His stimlus plan is only considered a success, if you look at it in relation to immigration reform. Our economy has no jobs so illegals will be returning home!!!
actual the republicans have done a horrible job of letting the public know that the democrats had control for the passed two years of Bushes term and they need to take responsibility for the debt. Hey did I mention Obama (The One) was Senator then so it is really HIS FAULT!!!!!
all the while, the pressholes will be shreiking in delight like teenage girls over their heartthrob. Afterwhich they'll throw their panties at Obama.
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