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AP: Jobless Rate Slows (But Hits Record)

From the ever dependable Ms. Aversa at the Associated Press:

Unemployment rate. (Chart from the US Bureau Of Labor Statistics, not the Associated Press.)

Jobless rate hits 9.4 percent in May; layoffs slow

By Jeannine Aversa, AP Economics Writer

WASHINGTON – With companies in no mood to hire, the unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years. But the pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September.

The much smaller-than-expected reduction in payroll jobs, reported by the Labor Department on Friday, adds to evidence that the recession is loosening its hold on the country. It marked the fourth straight month that the pace of layoffs slowed.

"This tide is turning," said Richard Yamarone, economist at Argus. "We expect this trend of slower job loss to continue throughout the year." …

If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994.

Even with layoffs slowing, companies will be reluctant to hire until they feel certain that economic conditions are improving and that any recovery will last.

Since the recession began in December 2007, the economy has lost a net total of 6 million jobs…

Education, health care, leisure and hospitality were among the industries adding jobs in May

Federal Reserve Chairman Ben Bernanke repeated his prediction this week that the recession will end this year, but again warned that any recovery will be gradual.

Many economists believe the jobless rate will hit 10 percent by the end of this year. Some think it could rise as high as 10.7 percent by the second quarter of next year before it starts to make a slow descent. The post-World War II high was 10.8 percent at the end of 1982.

Friday’s report "supports the notion that the recession will end this year," Yamarone said. But pain will linger and the jobless rate will move higher. He predicts it will peak at 10.2 percent early next year.

The Fed says unemployment will remain elevated into 2011 given the expectation of tepid recovery. Economists say the job market may not get back to normal — meaning a 5 percent unemployment rate — until 2013. Economic recoveries after financial crises tend to be slower, economists say.

Evidence has been mounting that the recession is letting up, with fresh signs emerging earlier this week.

The number of people continuing to draw unemployment benefits dipped for the first time in 20 weeks, and first-time claims also fell. Manufacturing’s slide is slowing. Builders are boosting spending on construction projects and a barometer of home sales firmed…

Once again, now that Mr. Obama is President, every effort is made to spin this as good news.

Meanwhile, the bad news is buried in the article:

If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994.

And this:

Economists say the job market may not get back to normal — meaning a 5 percent unemployment rate — until 2013. Economic recoveries after financial crises tend to be slower, economists say.

Are their economic recoveries after non-financial crises?

Anyway, lest we forget, unemployment during the Bush administration was never anywhere near this bad:

Unemployment rate. (Click to enlarge)

This chart, like the one at the top, is from the US Bureau Of Labor Statistics.

You won’t be seeing these anywhere in our watchdog media.

This article was posted by Steve on Friday, June 5th, 2009. Comments are currently closed.

9 Responses to “AP: Jobless Rate Slows (But Hits Record)”

  1. Liberals Demise says:

    Being one of the “unwashed” that barry has no time to tend to……I know full well what it’s like out here. Not one word about any jobs from the closet islamist.
    The only thing about jobs coming from Mt. High is ……….. Lord Barry is extinguishing more everyday!! He is FAR TOO BUSY exposing Americas’ soft underbelly to our most loving and kind ……. Muslim brothers!!

    Oh …….. how I loathe this “Half” American!!

  2. tranquil.night says:

    I swear to the high heavens.. didn’t we just hear a couple days ago that the private sector shed 532k jobs in May? So this must be referring to the public sector which is probably worse if it weren’t now the public/government sector, although it clearly points out “education, health care, leisure and hospitality were among the industries adding jobs in May” suggesting that any government action to expand or reform these areas is helpful to the economy since that’s what is “in demand.” (The plagued hand of government’s involvement elsewhere in business sure did alot of good right?)

    Also no inclusion in the article that part-time work is masking this situation a bit as well although AP has another article on it: http://apnews.myway.com/article/20090605/D98KFDRO0.html

    It seems the more time that goes on in which the Obamanauts are getting propped up with these lies, the further we are getting from the reality, the further they’ll push the agenda and spin the web. Vicious spiral but it’s effective so far!

  3. proreason says:

    “If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.4 percent in May, the highest on records dating to 1994”

    During the Great Depression they counted discouraged workers, so these numbers are getting to those levels. I think they got a bit above 25% during the worst of it.

    I’ll bet there are some retirees who need to go back to work now and aren’t being counted in the 16.4%.

    And the numbers would be worse except for the massive government hiring. Government jobs don’t produce anything. At best, they count things and “direct” the private sector. So each government job is a big hit to the economy. It takes about 2 private sector jobs to support each government job. Therefore, each government job just digs the hole deeper that we have to climb out of.

    And notice what the unemployment rate was in Jul 2008, right before OSoros began his magic….5.8% vs 9.4% now. But it was worth it to get all this hope, wasn’t it?

    Also, notice that the rise in unemployment during the bogus first year of the recession (Nov 2007 to Oct 2008) was 1.9%. After the Hopemaestro won, it has gone up 2.5% in 6 months. For the math challenged, the rate of climb in unemployment is 2 1/2 times as fast after The Moron “won” than before.

    Yet, the OZombiebots are stickin with their guy.

    Unfrigginbelievable.

    And oh yes, the numbers don’t count all of the layoffs that are guaranteed to come for the auto industry, and the dealerships…..and the spin-off layoffs because those unemployed people won’t be going to restaurants, or movies, or buying stuff.

  4. Liberals Demise says:

    EXACT-A-MUNDO proreason!!

    You don’t have to give up on finding a job, there are none!! There are no part time jobs out there either!! These figures don’t count in the now unemployed auto workers and the dealers and the parts store employees. Talk about “trickle down” Obama earmarks!!

    Too busy in france kissing their “Hallowed” surrender flags!!
    What a monkeys ass he is!!
    (sorry monkeys)

  5. U NO HOO says:

    “layoffs slow”

    There are fewer workers left to type the pink slips.

  6. U NO HOO says:

    “massive government hiring”

    Yes, I know from personal family experience, the federal government is hiring.

  7. MinnesotaRush says:

    Sure glad they’re passin’ out that hope & change thing with their stimulus packages, huh ….

    Kinda like the 94 year old altheimers patient who made his way to the “house of ill repute”. Sounded pretty good when he started off; but nothin’ happening now and is clueless as to why and/or what. (no unkindness meant to those afflicted, or their loved ones)

  8. Media_man says:

    I guess once the unemployment rate hits 100% the AP will credit the Obama administration for slowing down the rate of unemployment growth to zero. I can only imagine the AP headlines if a Republican was in the WH.

  9. proreason says:

    Latest chart showing Obamy’s predicted unemployment vs actual unemployment:

    http://www.americanthinker.com/blog/2009/06/the_obama_recession.html

    http://ace.mu.nu/

    The Chart predicts unemployment withe Obamy’s Depression Stimulus vs doing nothing. He predicted unemployment would be about 6/10 of 1% lower now because of the Stimulus.

    But unemployment is about 9/10 of 1% higher than they said it would be by doing nothing. It’s about 1.5% higher than they predicted by implementing the Stimulus.

    There is a chart in the link. It’s crystal clear.

    Unemploymet is far worse than if we had done nothing.

    As if that makes a difference to the hypnotized Obamabots.


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