Re: More Bank failures coming, 9.8% unemployment and rising! I thought Obama was fixing the economy, he's making it worse!!
posted at 10/2/2009 10:46 AM EDT
Must be 'fuzzy' math on Baraks part...
1. Barak was supposed to create/save millions of jobs.
2. Whose 'expectations' are mentioned below.. Obamas?
3. Love the bloggers that continue to quote that the economy is on the rebound
4. I doubt ANYONE can reconcile the hundreds of BILLION in the stimulus package and relate those to jobs created/saved. I do believe the numbers are there.. we just see them when they are good
5. No end in sight
The unemployment rate rose to 9.8 percent in September as employers cut far more jobs than expected, evidence that the longest recession since the 1930s is still inflicting widespread pain.
The official jobless rate stopped short of topping 10 percent only because the Labor Department doesn't count people who have given up looking for work or settled for part-time jobs.
More than a half-million unemployed people gave up looking for work last month. If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.
The Labor Department said Friday that the economy lost a net total of 263,000 jobs last month, up from a downwardly revised 201,000 in August. That's above Wall Street economists' expectations of 180,000 job losses, according to a survey by Thomson Reuters.
The unemployment rate rose from 9.7 percent in August, matching expectations.
All told, 15.1 million Americans are now out of work, the department said. And more than 7.1 million jobs have been eliminated since the recession began in December 2007.