Friday, October 2, 2009

Unemployment Up, Again

Someone needs to tell American businesses that the recession is over. They haven't gotten the memo, yet.

Unemployment for September was higher than expected. Last week, the number of newly unemployed rose to 551,000.

Of course, we all know that these numbers were inherited from the previous administration, and will be until they turn around.

Still, I can't help but recall the words of an inexperienced junior Senator from Illinois when he said "Nothing is more fundamental than a job." At least that was true during the previous administration. Now, he's saying "The recession is over. Mission Accomplished."

6 comments:

Chuck October 2, 2009 at 8:03 PM  

Seems I saw manufacturing orders were down too. The Dems are in deep doo-doo for next year

fuzzys dad October 2, 2009 at 10:00 PM  

It is Bush's fault dont you know.

WoFat October 3, 2009 at 9:17 AM  

Bush's fault? I thought it was still Regan's fault?

Dave Miller October 6, 2009 at 5:19 PM  

All economists, from both the left and the right, will tell you that employment recovery always lags months behind the numbers that signal the end of a recession.

While that is no comfort if you are out of work, it is, and has been a fact of economic life under both Democratic and Republican Admins.

Miss T.C. Shore October 7, 2009 at 10:13 AM  

Not true Dave. What makes this "recovery" different is that

1. People aren't spending because they are still concerned about the direction our nation is heading.

2. Businesses aren't investing in equipment or people because they are concerned about increases in taxes and regulation.

The only thing that has recovered, so far, is the stock market, and even that isn't where it was. The rest of the economy is still in recession. Unemployment continues to rise and banks and other businesses continue to fail.

Dave Miller October 7, 2009 at 10:38 AM  

I did not say otherwise TC.

I simply said that no matter when anyone declares the recession officially over, the job end of that will still be to come.

Your post seems to imply that if the unemployment numbers are not improving, that we must still be in recession.

As most economists will tell you, that may, or may not be true.

That was my only point.

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