Obama Sets Unemployment Record – 42 Consecutive Months Above 8%

Latest jobs report has job growth remaining slow and overall unemployment going back up to a dismal 8.3%.

EXCERPT:

The politically important unemployment rate, which comes from a separate survey, ticked higher, to 8.3% from 8.2%, as employment declined by nearly 200,000 and the ranks of the jobless rose 45,000. In a worrying sign, the unemployment rate rose even though America’s population grew and more citizens left the labor force—both things that for government statisticians push down unemployment.

The report provides the latest evidence that the economy lacks the momentum to make a dent in the unemployment rate. It takes roughly 100,000 to 120,000 new jobs a month just to keep unemployment from rising, which the economy failed to do in July. That is because despite July’s impressive gains the U.S. economy has added an average of only 105,000 jobs a month over the past three months.

…A broader measure of unemployment—which includes job seekers as well as those in part-time jobs—rose to 15% in July from 14.9% the previous month.

LINK

_________________

Romney called the report a “hammer blow to struggling middle-class families” in a statement shortly after the July numbers were released.

“President Obama doesn’t have a plan and believes that the private sector is ‘doing fine.’ Obviously, that is not the case,” he said. “We’ve now gone 42 consecutive months with the unemployment rate above eight percent.”   LINK

625 days ago by in News | You can follow any responses to this entry through the RSS feed. You can leave a response, or trackback from your own site.
About the

Be courteous to all, but intimate with few, and let those few be well tried before you give them your confidence. -G. Washington

5 Comments to Obama Sets Unemployment Record – 42 Consecutive Months Above 8%
    • Obeline
    • The U-6 tells the real story (not the U-3 that Zero & Co. are spinning):

      ‘Real’ Unemployment Rate Shows Far More Jobless

      While the national unemployment rate paints a grim picture, a look at individual states and their so-called real jobless rates becomes even more troubling.

      The government’s most widely publicized unemployment rate measures only those who are out of a job and currently looking for work. It does not count discouraged potential employees who have quit looking, nor those who are underemployed — wanting to work full-time but forced to work part-time.

      For that count, the government releases a separate number called the “U-6,” which provides a more complete tally of how many people really are out of work.

      The numbers in some cases are startling.

      Consider: Nevada’s U-6 rate is 22.1 percent, up from just 7.6 percent in 2007. Economically troubled California has a 20.3 percent real rate, while Rhode Island is at 18.3 percent, more than double its 8.3 percent rate in 2007.

      Those numbers compare especially unfavorably to the national rate, high in itself at 14.9 percent though off its record peak of 17.2 percent in October 2009.

      Only three states — Nebraska (9.1 percent), South Dakota (8.6 percent) and North Dakota (6.1 percent) — have U-6 rates under 10 percent, according to research from RBC Capital Markets.

      Election battleground states paint a picture not much more flattering. Florida’s U-6 number is an ugly 17 percent, though Pennsylvania and Ohio are both around 14 percent, below the national U-6 average.

      The numbers come as the government prepares to release its latest reading, the July nonfarm payrolls number, on Friday. Economists expect the report show about 100,000 jobs created for the month and the traditional “U-3″ rate to hold steady at 8.2 percent.

      “The lack of improvement in state U-6 rates continues to be troubling,” Chris Mauro, head of US Municipals Strategy at RBC, said in a research note. “While down from recent peaks, state U-6 levels remain dramatically higher than they were in 2007 and 2008.”

      Mauro used the numbers to demonstrate that investing in municipal bonds remains a challenge because high real unemployment rates will be a drain on local finances.

      “We remain concerned about the corrosive influence that these stubbornly high U-6 rates may have on both consumer sentiment and state and local tax revenues,” he said. “At current levels, these U-6 rates will continue to be a drag on credit quality.”

      http://www.cnbc.com/id/48468748

      • Rurik
      • So who ever planned on anything else. It does not matter who votes, it only matters who counts the votes.
        You do not even have to have a plausible chance, just aenough of an excuse for a handful of commited believers to claim hey’re convinced. And then manufacture the votes. So long as ValJar, Queen Mooch, and Axelrodent refuse to blow the whistle … As long as the Lying Media keep lying and say thee is popular support, who can be certain? Unless there ae unprecedented mobs with torches and pitchforks storming 1600 the media will continue to proclaim his popularity, and the ote can be manufactured.

Leave A Response

* Required

-->