Recovery. What Recovery?

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Fri, 03 Dec 2010 15:09:21 +0000

eowyn2

Inquiring minds want to know: Why does the Obama administration insist we are in “economic recovery” when there are no signs we are?

The jobless rate rose to its highest level last month since April, at 9.8%. (Real unemployment rate is higher, in double digits.) I’m not a Bush fan, but Obamabot “Bird no doubt will still say it’s George W.’s fault!

~Eowyn

Luca Dileo and Jeffrey Sparshott of the World Street Journal reports today, December 3, 2010:

WASHINGTON—The U.S. economy added fewer jobs than expected in November and the unemployment rate rose to its highest level since April, indicating the economic recovery remains weak 17 months after the recession ended….

The unemployment rate, which is obtained from a separate household survey, unexpectedly rose to 9.8% last month. More than 15 million people seeking work can’t get a job….

The U.S. unemployment rate has now been above 9% since May 2009, or 19 months. That matches the longest stretch at such an elevated level since World War II. In the deep recession of the early 1980s, the jobless rate crept to 9% in March 1982 and remained above that mark until September 1983.

Federal Reserve officials believe the jobless rate could still be around 9% a year from now….

The report showed 41.9% of unemployed Americans, or 6.3 million people, were out of work for more than six months in November. The longer someone is without a job, the harder it is to find work.

Read the rest of the article HERE.

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