The Obama Depression: 10,000 New Unemployed in June, Jobless Rate 9.2%

Black teen jobless rate is 39.9% blacks overall 16.7%

WHERE IS THE OUTRAGE?

Worst. Jobs. President. Ever. With all this misery, how could anyone think of raising taxes?


“Applications for unemployment benefits rose by 10,000 to a seasonally adjusted 418,000, the Labor Department said Thursday. The four-week average, a less volatile measure, dipped to 421,250.

Applications have topped 400,000 for 15 straight weeks, a sign of sluggish hiring. Applications had fallen in February to 375,000, a level that signals healthy job growth. They stayed below 400,000 for two months. But applications surged to an eight-month high of 478,000 in April and have declined slowly since then.

Consumers have pulled back on spending this year, besieged by high unemployment, stagnant wages, and high gas prices. That has slowed growth.

Unemployment applications “remain stubbornly elevated,” said Yelena Shulyatyeva, U.S. economist at BNP Paribas. “A lot of structural factors are still affecting the economy,” she added, such as the weak housing market and continuing layoffs by state and local governments.

The economy expanded only 1.9 percent in the January-March quarter, and some analysts forecast even slower growth for the April-June period.

Employers have responded by cutting back sharply on hiring. The economy added only 18,000 net jobs in June, the second straight month of dismal job gains. That’s far below the average of 215,000 net jobs per month the economy averaged from February through April.

The unemployment rate rose to 9.2 percent last month, the highest this year.

See full national unemployment report here.

Actual unemployment, including part-time, underemployed and discouraged workers: 16.2%

Especially shocking is black unemployment:

16.2% of blacks have no jobs.

39.9% of black teens 16 to 19 are out of work.

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Jeff Reeves at Market Watch says unemployment will soon go to 10% due to lay-offs expected in the financial and tech sectors and aerospace/defense business.