WASHINGTON - The U.S. unemployment rate rose to 9.8 percent in September, the highest since June 1983, as employers cut far more jobs than expected. The report is evidence that the worst recession since the 1930s is still inflicting widespread pain.Persistently high unemployment could weaken the recovery as consumers, concerned about their jobs and incomes, restrain spending. Consumer spending accounts for about 70 percent of the U.S. economy.
The Labor Department said Friday that the economy lost a net total of 263,000 jobs last month, from a downwardly revised 201,000 in August. That's worse than Wall Street economists' expectations of 180,000 job losses, according to a survey by Thomson Reuters.
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There is no such thing as a jobless recovery. $500 million everyday in interest to China, remember the Communist country that just had there parade showing off all the military hardware we bought for them. This country is Fkd.
ReplyDeleteHey, Obama told me "recovery is just around the corner" and I believe him ;)
ReplyDeleteHow's that "Hope & Change" thing working out for you, huh?
I am surprised that the national media hasn't talked more about the fact that banks are simply not lending...the large banks that is( and no I am really not surprised...the national media is still in a drunken stupor over Obama's election)....anyway,TARP was supposed to have freed up credit...what it did was stop a run on banks...which is a good thing of course...BUT it sure has not restored credit. And there really can be no meaningful economic recovery until lending capital is once again flowing.
ReplyDeleteBut where is Obama and his tax cheating Treasury Secreatary? Obama is shilling for Chicago and Gheitner is trying to see how he can tighten down on the banks even more.
Recovery???? not till these clowns are gone
Obamanomic in full operation!
ReplyDeleteYou Obamabots out there, are you sorry you voted for this tyrant yet?
Gonna wait til there's soup line before you decide that you made a mistake?
Anybody that votes Dumbocrat is just plain stupid!
Dumbocrats are in complete control, and look at the mess they're making!