Posted by
Catmman on Thursday, July 02, 2009 11:04:14 AM
Unemployment up to 9.5%.
467,000 jobs lost in June. Not much spin so far that at least the rate of job loss
slowed, thereby somehow
"saving" jobs as the unemployment rate for June increased over May by around 100,000.
I'm no economist, but just anecdotally it seems the summer employment rate would increase due to summer hires (kids getting out of school). It will be interesting to see what the unemployment numbers for September will be after kids go back to school. Will the unemployment rate jump heading into the Fall?
The rate continues to creep up though. What will the Obama administration say and do when
those 600,000 jobs Obama promised over the summer fail to appear? If the unemployment rate fails to reach double digits by say October, will the administration somehow take credit for the rate not reaching 10% "this year"? What is the metric used for evaluating any jobs "created or saved"? Will it take into account those jobs already lost? If Obama had planeed to create 600,000 jobs this summer, since June saw more than 467,000, does that mean that Obama now has to "create or save" over a million jobs? Or will he be happy to somehow perhaps break even and end up with 0% job growth and that will be hailed as some sort of progress?
Time will tell. It will be interesting to see what new spin this information wil take over the next few days.