Job losses rise in June as unemployment continues to rise - Jul. 2, 2009
NEW YORK (CNNMoney.com) — The battered U.S. labor market took a step backwards last month as employers trimmed more jobs from their payrolls in June, according to a government report Thursday.
There was a net loss of 467,000 jobs in June, compared with a revised loss of 322,000 jobs in May. This was the first time in four months that the number of jobs lost rose from the prior month.
The June job losses were also far worse than the forecast of a loss of 365,000 jobs by economists surveyed by Briefing.com.
The unemployment rate rose for the ninth straight month, climbing to 9.5% from 9.4%, and hitting another 26-year high. Economists had been expecting that the unemployment rate would hit 9.6%.
Just a reminder: Here is Geoff’s now-ubiquitous chart, updated with the official June figures:
Keep in mind, though: While it is fun, and even politically productive to twit Hussein Obama for his abject failure to make a dent in unemployment, which far exceeds his own predictions for worst cases absent any stimulus, let alone what he predicted with his trillions of deficit spending, we have to understand that as the economy worsens, Hussein Obama will seize on that to advance his overall socialist agenda with more spending, more takeovers, more laws and regulations, and all the apparatus of the omnipresent state.
It is imperative that we reduce or eliminate Democrat majorities in the federal congress next year. Let’s concentrate on that.
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The GOP needs to field some quality candidates next year. If they push more RINO, “moderate”, squishy types, conservative and libertarians will stay home in droves. Again. Based on what I’ve seen so far, I’m not optimistic. I would love to be proven wrong.
Obama’s ill-advised “stimulus” legislation has already crapped out: these 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 for weeks. Irregardless of his beautified image in the press, Obama lacks the the political stature to control Pelosi and Reid… who hit the trough hard, while bickering like siblings.
But 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 could face a bloodbath in 2010.
One could make the argument that Obama knows his legacy will be in tatters by 2012.. and 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.
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