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| Economy |
| U.S. Economy: Payroll Losses Slow, Jobless Rate Up |
| 2009-09-05 |
| (Bloomberg) -- The pace of U.S. job losses slowed in August while the unemployment rate reached a 26-year high, signaling the recovery from recession will be slow to develop. Employers cut payrolls by 216,000, fewer than forecast, after a 276,000 drop in July, Labor Department data showed today in Washington. The jobless rate rose to 9.7 percent; the so- called underemployment rate -- which includes part-time workers who'd prefer a full-time position and people who want work but have given up looking -- reached a record 16.8 percent. Today's figures stoke concern that the recovery forecast to take hold in the second half of the year won't prompt a turnaround in the job market until 2010. With the ranks of long- term unemployed nearing 5 million, workers are at risk of losing skills, making it even tougher for them to eventually find work. |
| Posted by:Fred |
| #3 ...unless you unload illegals. As for Euro, their recovery is fueled by the American bailouts that sent billions back to Europe to cover losses for which there was no legal obligation to cover. On the other hand, it is nice that someone could take such money and apply it far more effectively than the Patronage and Pork Act of 2009 did here. |
| Posted by: Procopius2k 2009-09-05 08:16 |
| #2 Due to population growth, jobs must increase 100,000/month or unemployent rises. |
| Posted by: ed 2009-09-05 00:41 |
| #1 less jobs to lose = less job losses. Thanks Sheriff Joe! Drudge has had links to Canada's recovery (27K jobs), recoveries in Germany and other Euro lands actually creating new jobs. Here? We get stumblef*ck Biden telling us it could've been a bazillion lost, and how lucky we are it was only 216 K (and it's always higher after they reevalute in a couple weeks) |
| Posted by: Frank G 2009-09-05 00:13 |