Unemployment rate now at 9.5% – Hope and Change!

Turns out the jobs cut for June was a little lower than Bloomberg’s posted estimated yesterday of 473,000, but still larger than expected at  467,000 jobs, driving the unemployment rate up to a 26-year high of 9.5 percent. Congrats to you Obama/Biden/Democrats and your stimulus!

But that stimulus is working great ain’t it? According to Bloomberg:

Companies in the U.S. cut more jobs than forecast in June, according to a private report today, showing the labor market will be slow to improve even as other parts of the economy indicate the recession is abating.

The 473,000 drop in the ADP Employer Services gauge followed a revised reduction of 485,000 workers in May that was smaller than previously estimated.

Job losses may mount as the bankruptcies of General Motors Corp. and Chrysler LLC ripple through manufacturing. Increased firings threaten to further restrain consumer spending at a time when the world’s largest economy is showing signs of stabilizing.

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July 1, 2009 · Filed Under Porkulus


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