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September 03, 2010

The Obama Job Recovery Summer … Unemployment Rises to 9.6%

Posted in: Barack Obama,Economy,Hope and Change,Jobs,Obamanation,Obamanomics,Unemployment

Oh that Obama Summer Job Recovery … How’s that “Hopey, Changey” thing working out for you America as we head into Labor Day weekend?

The Obama economy continues to go in the wrong direction as unemplyment rises to 9.6%. Does Barack Obama and Joe Biden still think think the economy is headed in the right direction? What political economic nonsense will Obama unleash on us after these job numbers … another stimulus plan under the guise of tax incentives? What ever Obama says, it will be for political cover only as Democrats face an electoral tsunami in less than two short months.

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.

What a joke this President’s economic policies are as the private sector added on 67,000 jobs with millions uneployed. Look for Obama to talk once again about how jobs were added, but not as fast as we want and the economy is headed in the right directio, BLAH, BLAH, BLAH. This community organizer has no clue.

The Labor Department says companies added a net total 67,000 new jobs last month, down from July’s upwardly revised total of 107,000. Wall Street analysts expected a smaller gain, according to Thomson Reuters.

Overall, the economy lost 54,000 jobs as 114,000 temporary census positions came to an end. State and local governments shed 10,000 positions. The jobless rate rose to 9.6 percent from 9.5 percent in July.

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