Obamanomics: Unemployment 9.8%, Another Quarter Million Jobs Lost in September
WASHINGTON (Reuters) - U.S. employers cut a deeper-than-expected 263,000 jobs in September, lifting the unemployment rate to 9.8 percent, according to a government report on Friday that fueled fears the weak labor market could undermine economic recovery.
The Labor Department said the unemployment rate was the highest since June 1983 and payrolls had now dropped for 21 consecutive months.
Analysts polled by Reuters had expected non-farm payrolls to drop 180,000 in September and the unemployment rate to rise to 9.8 percent from 9.7 percent the prior month. The poll was conducted before reports, including regional manufacturing surveys, showed some deterioration in employment measures.
The government revised job losses for July and August to show 13,000 more jobs lost than previously reported.
Yesterday at the Democrat Governor’s meeting Obama was saying that the recovery act was working.
Working yeah. It’s putting us deeper in the debt and not doing a thing to help the economy. I guess that’s what he means by working.
Lately the Obama camp has been claiming that the recession is over. Talk about putting an happy face on his failure.
Don’t forget that Obama said that the worst that the unemployment rate would get would be 8% and with his recovery act it wouldn’t hit that high.
The CBO also predicted that by now we’d be coming out of the recession without the recovery act. What happened? Oh the recovery act and all of the other Obama administration’s anti capitalist policies.
