Friday, June 5, 2009

What Stimulus? Unemployment Rises to 9.4 Percent, 25 Year High

The unemployment rate jumped to 9.4 percent in May, the highest in more than 25 years.

However, the Pravda-press will try to spin the report by saying the pace of layoffs eased, with employers cutting ONLY an additional 345,000 jobs.

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, the highest on records dating to 1994.

The Labor Department said a total of 14.5 million people were unemployed in May.

However, news outlets will premise this story with the notion that somehow the story is good news, as if cutting a half million jobs a month is normal. I seem to recall the same news outlets echoing the story that unemployment was rampant and the the economy in the tank when the jobless rate was 4 percent and the Dow was at 14,000.

The number of jobs lost last month is equivalent to the total population of an average U.S. city like Cincinnati, Tampa or St. Louis.

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