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harrisonprice Praise be to Allah for the stimulus!
The Early Word: More Lost Jobs
The Caucus —
Even though Obama administration officials — and the president himself — have acknowledged in recent interviews that they expected the nation’s unemployment rate would continue to climb upward, this morning’s job-loss report underscores the country’s weakened economy. The Times’s Jack Healy is up online with the new report from the Labor Department, which details a percentage point increase in the unemployment rate to 9.5 percent, as about 467,000 jobs were lost last month. He writes: The number of people who have been unemployed for more than 27 weeks has more than tripled ...
467,000
The Reaction —
... That's the number of jobs lost in June. It's a bunch worse than last month and it brings the unemployment rate to a 26-year-high of 9.5%. Thankfully, though, I worship CNBC and ...
Not a green shoot
Political Animal —
NOT A GREEN SHOOT.... The unemployment trend had at least been going in the right direction. While the overall unemployment rate was going up, the month-to-month numbers offered at least some signs of encouragement -- March's numbers were better than February's, April's numbers were better than March's, and May's numbers were better than April's. Regrettably, the job market in June didn't cooperate with the trend . The pace of job losses quickened in June after falling sharply just a month earlier, casting a shadow over the Obama administration's attempts to stanch months of ...
Unemployment Rate Still Thriving!
Wonkette » top —
... When our beloved Labor Department reported a 9.4 percent unemployment rate in May, people high-fived each other in the streets because it seemed we had reached the true pinnacle of unemployment success. Who would have thought we’d be able to do ourselves one smidge better? And yet! ...
Official Unemployment Hits 9.5%
Daily Kos —
Unemployment rose to 9.5% in June, a 26-year high, according to the U.S. Bureau of Labor Statistics. A total of 14.7 million Americans are now officially out of work, and payroll employment has fallen by 6.5 million since the downturn began in December 2007, 19 months ago. The BLS also reported this morning that yet another 467,000 non-farm payroll jobs were lost in June. That was more than 100,000 above what a consensus of economists had estimated. Job losses in May were revised to 322,000 from an earlier estimate of 345,000. The official count – known as U3 and dutifully reported by most of the media – fails to show the ...
U.S. Economy Autopsy Results.
JackRabbit Café —
... Can I interrupt your 24/7 Michael Jackson Media Frenzy and Autopsy Derby for some real (bad) news? From the New York Times: The pace of job losses ...
Knocking on 10's Door
Hoffmania! —
... Unemployment is at 9.5%. The American economy shed 467,000 jobs last month, and the unemployment rate rose to 9.5 percent from 9.4 percent, the Labor Department reported on Thursday. Job losses were widespread among the construction, manufacturing, and business and professional services sectors. The losses were sharply higher than economists’ expectations of 365,000 lost jobs. Economists
said a decline of 322,000 jobs in May had raised expectations that the
market was bottoming out as the economy struggled to right itself, but
the ...
OBAMANOMICS HAS FAILED
THE ASTUTE BLOGGERS —
NYTIMES: 467,000 Jobs Lost in June; Unemployment Reaches 9.5% The pace of job losses quickened in June after falling sharply just a month earlier, casting a shadow over the Obama administration’s attempts to stanch months of stark declines in the labor market. The American economy shed 467,000 jobs last month, and the unemployment rate rose to 9.5 percent, its highest level in 26 years, the Labor Department reported on Thursday. Job losses were widespread ...
Yup, he’s the next Carter
Clareified —
Job losses in June reach 9.5%.
Just like the Republicans predicted, these are the highest levels of national unemployment in 26 years when Jimmy Carter was President!
Oh. Wait.
Unemployment Reaches 9.5%
The Agonist - thoughtful, global, timely —
Painful acceleration in job losses this month. Economist's expected losses of 365,000, instead they got 467,000.
Here's the killer quote, however:
Consumers are saving 6.9 percent of their disposable income, and spending remains sluggish.
Consumers are still retrenching. 6.9% for American consumers? That's a huge number. An implicit argument in the Times article comes from this quote:
“We have to wait to see where things go,” said Mark Zandi, chief economist at Moody’s Economy.com. “If we didn’t ...
Wall Street Prospers as Americans Suffer
Truthdig: Drilling Beneath the Headlines —
... Unemployment rose to 9.5 percent last month, the highest level in 26 years. Meanwhile, Wall Street payouts are not dropping. Goldman Sachs will be shelling out a whopping $20 billion to its employees this year. As we enter the the 20th month of this recession, unemployment is becoming a way of life for many, and the very same people who created this mess are still ...
Obama on the Economy, Affirmative Action and More
The Caucus —
... with The Associated Press on Thursday, President Obama said he was “deeply concerned” about the nation’s unemployment, which rose to 9.5 percent last month. While asserting that since his administration entered the White House six months ago “we have successfully stabilized the financial markets” as well as some improvement on housing, Mr. Obama admitted “but what we are still seeing is too many jobs lost.” With the latest Labor Department survey showing a sizable uptick in the number of jobs lost last month throughout several sectors like manufacturing, construction ...
Wall Street Pay Fattens as Rest of U.S. Suffers
Truthdig: Drilling Beneath the Headlines —
... needy. The New York Times: The pace of job losses quickened in June after slowing just a month earlier, casting a shadow over the Obama administration’s attempts to stanch months of declines in the labor market. The American economy shed 467,000 jobs last month, and the unemployment rate rose to 9.5 percent from 9.4 percent, the Labor Department reported on Thursday. Job losses were widespread among the construction, manufacturing, and business and professional services sectors. Read More Meanwhile, Wall Street payouts are not dropping. They are, in fact, expected ...
Bernie Madoff Is No John Dillinger
Commondreams.org Views —
... . It’s against this grand backdrop of business-as-usual at the top of the pyramid that we learned at week’s end that the speed of job losses is accelerating again . The government also reported that Americans who still do have jobs now have an average 33-hour workweek, the lowest since tracking began in 1964. The Obama administration’s response to the economic crisis is rapidly facing its own stress tests. We will soon learn the ultimate fate and stringency of the regulatory package sent to Congress, including the consumer-protection agency ...
