I wish I had better news to report on Obama’s ‘Recovery Summer’, however, this morning it was reported that unemployment rose to 9.6%. US employers cut 67,000 jobs in August despite claims by the Obama administration that we would be adding 250,000 jobs per month. This is further evidence that Obama’s economic policies are not working and that the Stimulus Bill has failed.
The Wall Street Journal Reports:
Job losses continued to mount in the U.S. economy last month, though at a more modest pace than expected, putting further pressure on policy makers to take action to spur growth and employment.
Nonfarm payrolls fell by 54,000 last month, matching the level of revised losses recorded the previous month, the U.S. Labor Department said Friday. The revision in July layoffs to 54,000 followed an original estimate of a 131,000 drop in payrolls.
The U.S. economy has shed jobs for three straight months, though the losses in August were about half the 110,000 predicted by economists in a Dow Jones Newswires survey.
The unemployment rate, calculated using a separate household survey, edged up to 9.6%, as expected, after holding at 9.5% for previous two months.
The report is likely to cause renewed debate during the long Labor Day weekend over what new steps the Federal Reserve and Congress should consider to jump-start the job market.
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