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Unemployment Rises To 9.5 Percent

From a gobsmacked Associated Press:

(Click to enlarge.)

467K jobs cut in June; jobless rate at 9.5 percent

By Jeannine Aversa, AP Economics Writer

WASHINGTON – Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy’s road to recovery will be bumpy.

The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on solid ground.

June’s payroll reductions were deeper than the 363,000 that economists expected.

However, the rise in the unemployment rate from 9.4 percent in May wasn’t as sharp as the expected 9.6 percent. Still, many economists predict the jobless rate will hit 10 percent this year, and keep rising into next year, before falling back.

All told, 14.7 million people were unemployed in June.

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 16.5 percent in June, the highest on records dating to 1994.

"We were on the road of things getting less bad in the jobs market, and that has been temporarily waylaid," said economist Ken Mayland, president of ClearView Economics. "But this doesn’t change my view that the recession will end later this year. We’re probably two months away."

Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs

Even with higher pace of job cuts in June, the report indicates that the worst of the layoffs have passed. The deepest job cuts of the recession came in January, when 741,000 jobs vanished, the most in any month since 1949.

And there was some other encouraging job news Thursday.

In a separate report, the department said the number of newly laid-off workers filing applications for unemployment benefits fell last week to 614,000, in line with economists’ predictions. The number of people continuing to draw benefits unexpectedly dropped to 6.7 million…

(Click to enlarge.)

It really is laughable, the knots that our watchdog media tie themselves into – trying to spin bad economic news:

Employers cut a larger-than-expected 467,000 jobs in June…

However, the rise in the unemployment rate from 9.4 percent in May wasn’t as sharp as the expected 9.6 percent.

Which is it, AP?

Of course these economic experts are always surprised when the economy doesn’t react the way that the AP and the rest of the media want it to react.

(Which, under Bush, meant that the economy would go down. And under Obama, it would go up.)

Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs.

Once again, the AP repeats the preposterous lie that the US has been in a recession since December 2007, which is one year longer than the actual truth:

This is done to try to put more of the blame on the previous administration.

Even though a glance at the charts from the US Bureau Of Labor Statistics will correct any misapprehension about exactly who is losing jobs here.

Note too, that these labor statistic charts are not something that we would ever see from our watchdog media. Even though they are free and available to the media.

Why is that?

Our watchdog media changed the long-standing definition of ‘recession’ so as to claim that we were in a recession a year before we actually were.

And now they are doing their level best to pretend that we are no longer in a recession, even though it is getting worse.

Even with higher pace of job cuts in June, the report indicates that the worst of the layoffs have passed…

And there was some other encouraging job news Thursday…

The number of people continuing to draw benefits unexpectedly dropped to 6.7 million…

The AP never stop serving their DNC masters.

This article was posted by Steve on Thursday, July 2nd, 2009. Comments are currently closed.

15 Responses to “Unemployment Rises To 9.5 Percent”

  1. proreason says:

    Note that a sliver of something closer to the truth crept into the unemployment report.

    “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 16.5 percent in June, the highest on records dating to 1994.”

    But that is also low, because self-employed people are not counted accurately.

    Moreover, the job count is certainly seasonally high because of summer jobs. The Moron promised 600,000 summer jobs, remember. Since he always lies, you can bet his useless, make-work number is closer to 300,000. Has one of those deadbeats come knocking on your door yet to intimidate you?

    Plus, remember, people enter the workforce every month, just based on population growth. They fall through the statistical cracks as well. Since the population of the country is increasing about .9% a year (about 2,700,000 people), about 225,00 NEW jobs are needed just to maintain the current employment rate.

    So, I figure the realistic job loss for June is probably 467,000 + 300,000 (uselss, deadbeat, temporary jobs) + 225,000 (jobs for new workers that were not created + ?? (self-employed people not counted accurately). 1,000,000 permanent jobs lost vs “jobs needed” in June is closer to the truth.

    So yes, the true unemployment rate is about 20%, not the lowball headline 9.5%.

    What would be very interesting to see is the number of jobs in the country vs and as a % of the population. That would paint a more accurate picture than any of these data points.

    So you will never see it.

    • jobeth says:

      “…that is also low, because self-employed people are not counted accurately”

      We fall in that slot. We are retired but my husband also (tries to anyway)works for himself as a wide load pilot/escort for extra $$.

      He is lucky now if he gets 1 or 2 jobs a month now. Thank God we don’t depend on it for our basic living but even that puts us in a pinch of sorts.

      He isn’t on any unemployment list and neither are most pilot/escorts. They are nearly all their own agents. Think of all the industry that no longer uses the support services. That’s a lot of unemployed.

    • tranquil.night says:

      Wonder how many of those new jobs are going to ACORN/COI, the lead union/worker’s party/army of the United States.

  2. Rusty Shackleford says:

    Rush said this some months ago, that they would start inventing statistics to give the impression that the economy was improving. If this fabrication by the AP isn’t statist propaganda al la Soviet Russia, the very thing the MSM used to make sport of, then times have truly turned into an ugly color. Commie-Red.

  3. Steve says:

    “This is done to try to put more of the blame on the previous administration.”

    Mr. Limbaugh just referenced this thread.

  4. Petronius says:

    “the unemployment rate up to a 26-year high of 9.5 percent . . . .”

    And yet mass immigration––both legal and illegal––continues unchecked.

    Is America a great country or what?!

  5. 1laidbackRN says:

    Whatever happened to the 4.5 million jobs the stimulus was supposed to create?????

  6. Confucius says:

    I demand to know who these “experts” are.

  7. wirenut says:

    More proof the stymie-us bill is working as well as the AP. Bammys work stats are dropping faster than a corpse’s heart beat.

  8. Freedom615 says:

    There’s a talk show in my hometown (Quinn & Rose War Room, warroom.com) that defines a liberal as someone standing on their head and telling the rest of the world it’s upside down.

    Isn’t Spain’s unemployment rate around 18%? From what I’ve read, Spain’s embracing of “green” technologies as a source of job creation costs them 2.2 jobs for each green job created (I’ll happily stand corrected if anyone has better stats).

    I think Quinn & Rose’s definition of a liberal is more appropriate than ever.

  9. 12 Gauge Rage says:

    I was listening to Sean Hannity commenting on the gloom and doom some of his friends were making now that Al Franken has been declared the winner in Minnesota’s senate race, giving the dem’s a filibuster proof senate. Sean took it all in stride and said now with all this consolidated power in their hands, the burden of everything in our country-especially the economy rests solely on the dem’s shoulders.

    The dem’s can scream all they want about what a mess George W. left them. But eventually the public will say yeah, you inherited a mess but when are you going to shut up and do something about it.

  10. wirenut says:

    12 Gauge, too bad the dem’s shoulders are wedged firmly between their butt cheeks and their heads are….Well,you get the picture.

  11. 12 Gauge Rage says:

    Cranial Rectal Inversion? Yeah I’m familiar with that term. We all get a slight case of it now and then. But some choose to perfect the technique while proclaiming that they have a clearer view of the picture than anyone else. How much longer will it take before the dem’s realize that their plan of action is both destructive and counter productive?


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