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...
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