The IUSB Vision Weblog

The way to crush the middle class is to grind them between the millstones of taxation and inflation. – Vladimir Lenin

Obama blew it on unemployment. Now at 26 year high….

Posted by iusbvision on September 7, 2009

The Obama Administration shouted from the rooftops that their stimulus plan was the only thing that would keep unemployment from rising above 8%. Of course that figure was blown away months ago.

Yesterday the Labor Department Bureau of Labor Statistics (BLS) released their August unemployment data. The Wall Street Journal summarized the data in their article:

Job Losses Weigh on Recovery

Layoffs Slow but Unemployment Rate Hits 9.7%, Highest Since 1983

Nonfarm payrolls fell by 216,000 jobs in the month, fewer than the 276,000 lost in July, the Labor Department said Friday. The economy has shed 6.9 million jobs since the recession began in December 2007. The data reinforced expectations that employers will begin adding jobs by early next year, though the pace of job creation remains uncertain.

The latest figures are consistent with an economy pulling out of the deepest downturn since the Great Depression. But rising unemployment portends persistent weakness in consumer confidence, income and spending, even as manufacturers start bouncing back and stocks revive. The construction and manufacturing sectors together accounted for more than half of August’s job losses. Losses in retail and business services narrowed. The biggest gains came in health care.

The rise in unemployment, after dipping to 9.4% in July, came as more Americans returned to the work force. Teenage unemployment hit 25.5%, the highest since the government began keeping records in 1948. Most economists expect the rate to top 10% in coming months and stay over 9% through 2010.

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