The Age
Thursday, July 2, 2009
US employers shed 467,000 jobs in June, pushing the unemployment rate to a fresh 26-year high of 9.5 percent, the Labor Department reported Thursday.
Analysts had expected a smaller number of 365,000 job losses, but a higher unemployment rate of 9.6 percent. The jobless rate in May was 9.4 percent.
(ARTICLE CONTINUES BELOW)
The agency revised its estimates for May to show fewer job cuts — 322,000 instead of 345,000. But the April figure was revised from a loss of 504,000 to 519,000 jobs.
The report, one of the best indicators of economic momentum, appeared to dash hopes for a quick turnaround in the labor market, after a moderation in job losses in May.
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July 3rd, 2009 at 8:07 am
Obama’s ill-advised “stimulus” legislation is a train-wreck in progress: these jobs figures are far worse than the ones the White House warned us about if we DIDN’T pass the bill- so it was passed, and then unemployment soars anyway?
Instead of creating jobs, interest rates were bumped up, the dollar slid… and it didn’t help anybody get any work. Much of this is due to the fact that Obama’s agenda has mortified almost every machine of job-and-growth creation in the country.
The One couldn’t deliver the type of “temporary, targeted, and timely” bill that he promised repeatedly, and regardless of his image in the press, Obama simply lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.
And the lack of GOP co-conspirators exposed Obama politically… this legislation now looks to be a HUGE gamble. And when all this pork-n-welfare fails to generate any real economic gains, the Democrats will face a bloodbath in 2010.
One could even make the argument that Obama knows his legacy will be in tatters by 2012… so is just ramming-through as much of his far-left agenda as he can before the day comes when people cringe at the mere mention of his name… sure seems like it.