Unemployment rises to 9.4%

But with companies still reluctant to hire, the nation's jobless rate rose to a quarter-century high of 9.4 percent, and it likely will keep rising into 2010, possibly within striking distance of its post-World War II peak of 10.8 percent.

Federal Reserve Chairman Ben Bernanke repeated his prediction this week that the recession will end this year, but again warned that any recovery will be gradual.

Against that backdrop, many economists say the jobless rate will hit 10 percent by the end of this year and will keep rising into 2010. Some economists think it could near 11 percent. The highest since World War II was 10.8 percent at the end of 1982.

Pez wrote:Unemployment has perhaps tapered off and is clearly on it's way to stabilizing. The forward looking DJIA is up 20% since Obama took office... there are clearly signs that thew economy is improving. The administration has spent ONLY 5% of the Porkulous stimulus package...

I was watching fox news last night in order to catch Ms Cheeky Monkey herself, and I found it interesting to hear them complain in the same show that The Administration has only spent 5% of the $700B, and that the $700B was a bad idea to begin with... um... it's a bad idea, why hasnt he done it yet???

Maybe there's something I dont understand here, but I see a president and an administration that is slowly getting the job done despite unforeseen setbacks, and is being prudent and thoughtful with unprecedented public funds.

LTRT wrote:

It's nice to know that one of our board members knows more than those darn economists.

(many economists say the jobless rate will hit 10 percent by the end of this year and will keep rising into 2010. Some economists think it could near 11 percent.)

Pez wrote:

LTRT wrote:

It's nice to know that one of our board members knows more than those darn economists.

(many economists say the jobless rate will hit 10 percent by the end of this year and will keep rising into 2010. Some economists think it could near 11 percent.)

I'm just saying what I think... never proclaimed to know more than anyone about anything... I'm sure I can find 100 economists that agree with me and 100 that think I'm a loon... The fact is that even if the unemployment rate reached 10% by the end of this year, it will still indicate that the job losses are slowing down.

"Many economists" predicted it would be higher than 9.4% now. I didnt ask if "some economists" agreed.

LTRT wrote:

Pez wrote:

LTRT wrote:

It's nice to know that one of our board members knows more than those darn economists.

(many economists say the jobless rate will hit 10 percent by the end of this year and will keep rising into 2010. Some economists think it could near 11 percent.)

I'm just saying what I think... never proclaimed to know more than anyone about anything... I'm sure I can find 100 economists that agree with me and 100 that think I'm a loon... The fact is that even if the unemployment rate reached 10% by the end of this year, it will still indicate that the job losses are slowing down.

"Many economists" predicted it would be higher than 9.4% now. I didnt ask if "some economists" agreed.

So what you're saying is if we use the word "slowing" when describing the RISING national unemployment rate, this should make everyone feel good, how comforting to know.

Bman wrote:

LTRT wrote:

Pez wrote:

LTRT wrote:

It's nice to know that one of our board members knows more than those darn economists.

(many economists say the jobless rate will hit 10 percent by the end of this year and will keep rising into 2010. Some economists think it could near 11 percent.)

I'm just saying what I think... never proclaimed to know more than anyone about anything... I'm sure I can find 100 economists that agree with me and 100 that think I'm a loon... The fact is that even if the unemployment rate reached 10% by the end of this year, it will still indicate that the job losses are slowing down.

"Many economists" predicted it would be higher than 9.4% now. I didnt ask if "some economists" agreed.

So what you're saying is if we use the word "slowing" when describing the RISING national unemployment rate, this should make everyone feel good, how comforting to know.

Yes

Bman wrote:

Bman wrote:

LTRT wrote:

Pez wrote:

LTRT wrote:

It's nice to know that one of our board members knows more than those darn economists.

(many economists say the jobless rate will hit 10 percent by the end of this year and will keep rising into 2010. Some economists think it could near 11 percent.)

I'm just saying what I think... never proclaimed to know more than anyone about anything... I'm sure I can find 100 economists that agree with me and 100 that think I'm a loon... The fact is that even if the unemployment rate reached 10% by the end of this year, it will still indicate that the job losses are slowing down.

"Many economists" predicted it would be higher than 9.4% now. I didnt ask if "some economists" agreed.

So what you're saying is if we use the word "slowing" when describing the RISING national unemployment rate, this should make everyone feel good, how comforting to know.

Yes

I thought I would keep it simple for the small minded right wingers on here.

Bman wrote:

Bman wrote:

LTRT wrote:

Pez wrote:

LTRT wrote:

It's nice to know that one of our board members knows more than those darn economists.

(many economists say the jobless rate will hit 10 percent by the end of this year and will keep rising into 2010. Some economists think it could near 11 percent.)

I'm just saying what I think... never proclaimed to know more than anyone about anything... I'm sure I can find 100 economists that agree with me and 100 that think I'm a loon... The fact is that even if the unemployment rate reached 10% by the end of this year, it will still indicate that the job losses are slowing down.

"Many economists" predicted it would be higher than 9.4% now. I didnt ask if "some economists" agreed.

So what you're saying is if we use the word "slowing" when describing the RISING national unemployment rate, this should make everyone feel good, how comforting to know.

Yes

I thought I would keep it simple for the small minded right wingers on here.

LTRT wrote:

So what you're saying is if we use the word "slowing" when describing the RISING national unemployment rate, this should make everyone feel good, how comforting to know.

A silver lining, though, emerged in the latest unemployment figures. The pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September.

The much-smaller-than-expected reduction in payroll jobs, reported by the Labor Department on Friday, adds to evidence that the recession is loosening its hold on the country. It marked the fourth straight month that the pace of layoffs slowed.

Labor Secretary Hilda Solis credited the stimulus package with helping to ease the pace in layoffs, saying her department is moving "aggressively" to implement the stimulus package by providing billions of dollars to state and local governments for training programs and unemployment benefits.

Pez wrote:
But dont take my word for it.... the highest rated news network ran a story:

http://www.foxnews.com/politics/2009/06/05/unemployment-rate-climbs-percent-highest-years/

A silver lining, though, emerged in the latest unemployment figures. The pace of layoffs eased, with employers cutting 345,000 jobs, the fewest since September.

The much-smaller-than-expected reduction in payroll jobs, reported by the Labor Department on Friday, adds to evidence that the recession is loosening its hold on the country. It marked the fourth straight month that the pace of layoffs slowed.

Labor Secretary Hilda Solis credited the stimulus package with helping to ease the pace in layoffs, saying her department is moving "aggressively" to implement the stimulus package by providing billions of dollars to state and local governments for training programs and unemployment benefits.

LTRT wrote:(many economists say the jobless rate will hit 10 percent by the end of this year and will keep rising into 2010. Some economists think it could near 11 percent.)

The actual fox news story wrote:
Many economists believe the jobless rate will hit 10 percent by the end of this year. Some think it could rise as high as 10.7 percent by the second quarter of next year before it starts to make a slow descent.

meta4 wrote:
This is frustrating, from what I see, Fox News asked Hilda Solis for a comment on the stimulus package, and she provides a generalized blanket statement that just "feel good" enough, but completely non-specific.

"You created a situation where you cannot be wrong," said the Montana Democrat. "If the economy loses two million jobs over the next few years, you can say yes, but it would've lost 5.5 million jobs. If we create a million jobs, you can say, well, it would have lost 2.5 million jobs. You've given yourself complete leverage where you cannot be wrong, because you can take any scenario and make yourself look correct."

Mr. Obama's comments yesterday are a perfect illustration of just such a claim. In the months since Congress approved the stimulus, our economy has lost nearly 1.6 million jobs and unemployment has hit 9.4%. Invoke the magic words, however, and -- presto! -- you have the president claiming he has "saved or created" 150,000 jobs. It all makes for a much nicer spin, and helps you forget this is the same team that only a few months ago promised us that passing the stimulus would prevent unemployment from rising over 8%.