The unemployment level has been above 8% for 41 consecutive months. In the previous 60 years, the unemployment rate topped 8% a total of only 39 months
According to Labor Department’s just released statistics, the U.S. unemployment rate has remained unchanged at an unacceptable 8.2 percent.
Stocks tumbled to critical lows with Dow Jones drastically tumbling (real time data updated) after today’s dismal jobs report. Dow Jones industrial average futures were down 24 points in anticipation of the report and were down 60 additional points within minutes, continuing to fall. As this is being written, the average has dropped nearly180 points.
The ‘promise Hope and Change’ continues to be empty for many when only 75,000 jobs were added in the April/June quarter. About one-third of those jobs were in temporary or part time services. On the heels of the unsustainable ObamaCare, employment in health care related industries added 13,000 jobs, while retailers, transportation firms and government cut jobs.
As the economy continues to struggle, Barack Obama has added new taxes and crushing regulations, disincentivizing already jittery employers who are threatened with new costs. Even spending for the July 4 holiday dropped 12 percent from 2011, according to a Visa poll, reflecting a lack of consumer confidence.
But the strangest fact is that more workers joined the federal government’s disability program in June than got new jobs, according to two new government reports — a clear indicator of how bleak the nation’s jobs picture actually is. 85,000 workers left the workforce entirely to enroll in the Social Security Disability Insurance program, according to the Social Security Administration. The surge in disability ranks outpaced job growth throughout Obama’s so-called economic recovery. While the economy has created 2.6 million jobs since June 2009, 3.1 million workers signed up for disability benefits.
ABC’s Mary Bruce details what she rightly refers to as Obama’s “monotonous response” to this continued economic sagging as he incessantly declares it was “more than a decade in the making,“ continuing to blame George W. Bush although the disconnected Obama has been in office for three and a half years.
And here in Arizona we hold the distinction of having Yuma top the national list with a stunning 28.9 percent unemployment.