Now, about those 650,000 jobs that the Obama administration claims it has saved by spending hundreds of billions of dollars.
How about a General Accounting Office report of where the money actually went... not by shell program, but what individual friends of Obama got the money.
US unemployment rate tops 10%
By Simone Baribeau in New York
Published: November 6 2009 14:18 | Last updated: November 6 2009 15:35
The unemployment rate shot up to 10.2 per cent in October, its highest level in over 26 years, according to official data released on Friday, disappointing Wall Street and underscoring concerns about the effectiveness of the Obama administration’s efforts to turn the economy around.
”The bottom line is that although labour market deterioration is clearly not occurring at the pace suffered late in 2008 and early this year, conditions remain brutal,” said Joshua Shapiro, chief US economist at MFR. ”Moreover, we continue to believe that the healing process will be a slow one, and that households will be contending with weak income growth and balance sheet issues for some time.”
The economy shed an additional 190,000 jobs, against economists’ expectations of 175,000 and an unemployment rate of 9.9 per cent. Wall Street shrugged off the results, swinging between gains and losses in midmorning trade. The S&P 500 was almost flat, down 0.06 per cent at 1,065.96 and the Dow Jones Industrial Average was down 0.3 per cent at 9,974.37.
October marks the twenty-second consecutive month of job losses in the US. Since the start of the recession in December 2007, 8.2m Americans have lost their jobs. August and September’s numbers were revised upward, showing 91,000 fewer jobs were lost than originally thought.
Read more....
No comments:
Post a Comment