598,000 Jobs Lost in January
While unemployment jumps to 7.6 percent.
Recession-battered employers eliminated 598,000 jobs in January, the most since the end of 1974, and catapulted the unemployment rate to 7.6 percent. The grim figures were further proof that the nation’s job climate is deteriorating at an alarming clip with no end in sight.
The Labor Department’s report, released Friday, showed the terrible toll the drawn-out recession is having on workers and companies. It also puts even more pressure on President Barack Obama to revive the economy.
The latest net total of job losses was far worse than the 524,000 that economists expected. Job reductions in November and December also were deeper than previously reported.
With no place to go, the number of unemployed workers climbed to 11.6 million.
Vanishing jobs and evaporating wealth from tanking home values, 401(k)s and other investments have forced consumers to retrench, which has required companies to pull back. It’s a vicious cycle where the economy’s problems feed on each other, perpetuating a downward spiral.
But… Obama doesn’t wear a jacket in the Oval Office.
The time for games is well and truly over. Â Congress had better get its act together for there are no winners in these numbers.
Tags: The Economy
I hope this lights a fire under them.
Hey, if Obama wore a jacket every day, that would mean at least one job created. 🙂
This kind of talk from the liberal bastion of Montanais promising
Jason’s quest for apologies is starting to sound better and better.
If you voted for Bush and you or someone you love has lost their job through no fault of their own… there needs to be some kind of national Day Of Atonement.
Wait – no, it needs to be more practical: How about “Line Up And Let Everyone Kick You In The Ass” Day?
These figures have just changed the rules of the game . Bet the Senate debate over the recovery bill just heated up.
The U6 number (unemployed and looking + discouraged unemployed + underemployed) also showed a huge jump, from 13.4% to 15.4% (not seasonally adjusted) or 13.9% (seasonally adjusted).
So the U3 has jumped from 4.9% to 7.6% in a year and the U6 has jumped from 9.9% to 13.9% in a year.
These figures have just changed the rules of the game . Bet the Senate debate over the recovery bill just heated up.
Scare mongery.
This is nothing that a few more tax cuts to the top 2% of earners could not fix.
A lot of this is being driven by health care costs. Anecdotally, I am seeing the highest benefit consumers are being laid off first. And people are being converted to part time to eliminate benefits.
Single-payer health care can’t get here soon enough. Is Obama still sticking to that Romneycare mandated insurance he and Hillary both campaigned on?
:computer voice:
does not compute…Does not compute…
Single-payer health care can’t get here soon enough.
Meep…bleep…liberal folderal…
Is Obama still sticking to that Romneycare mandated insurance he and Hillary both campaigned on?
wingnut…folderal…
Fixing Healthcare is the key to fixing the economy.
Stimulus Package + Healthcare = Success
Mr. Obama will get the blame for the failure of the stimulus package not Congress.
Obama can’t be much of a leader if he has a big majority in both Chambers and can’t get it passed.
Wait, maybe Joe Biden was correct, Obama is not ready to be President.