Remember how we had to act really fast and how urgent it was to get those bailout funds and corporate buy-out proposals approved because, OMG THE WORLD WILL COME TO AN END, if we didn't? Unemployment would reach a staggering 10% and we'd be buried in debt that would take eons to recover from? ACT NOW. SPEND NOW. DON'T DELAY.
Well, we're at 9.5% now after the June head-count. And if you consider those who simply opted for part-time scrapings when they could find them, and that those part-time jobs knocked them off the unemployment roll call, we're way higher than that even. They estimate that were we counting those workers, we could actually be looking at more like 16% and up.
Nope, I'm not anti-government.
I think they are doing a good job.
Just what they were elected in for.
Good Morning, Amerika....here's your sign.
WASHINGTON – Employers cut a larger-than-expected 467,000 jobs in June, driving theup to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be bumpy.
The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground.
June's payroll reductions were deeper than the 363,000 that economists expected and average weekly earnings dropped to the lowest level in nearly a year.
However, the rise in the unemployment rate from 9.4 percent in May wasn't as sharp as the expected 9.6 percent. Still, many economists predict thewill hit 10 percent this year, and keep rising into next year, before falling back.
- All told, 14.7 million people were unemployed in June.
- Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.
- The average work week in June fell to 33 hours, the lowest on records dating to 1964.
- Layoffs in May turned out to smaller, 322,000, versus the 345,000 first reported. But job cuts in April were a big deeper — 519,000 versus 504,000, according to government data.
- Even with higher pace of job cuts in June, the report indicates that the worst of the layoffs have passed. The deepest job cuts of the recession came in January, when 741,000 jobs vanished, the most in any month since 1949.
But the good news...Bernake says it'll all end this year. (I wondered where that magic genie in the bottle went to...) and some government economists say that we should start seeing improvement with the July-September quarter.
Hey -- lucky us! That would be NOW :o) So, feel free to start spending money on less frugal things so we can stimulate the economy this quarter.
You don't want to make liars out of your prize government, do you?