Unemployment at 4-year high

[unapatriciated]

http://money.cnn.com/2008/08/01/news/economy/jobs_july/index.htm?cnn=yes

NEW YORK (CNNMoney.com) -- Employers trimmed jobs once again in July and the unemployment rate hit a four-year high, according to a government report Friday that showed the seventh straight month of job losses .

The Labor Department reported a net loss of 51,000 jobs in the month, compared to a revised loss of 51,000 jobs in June. Economists surveyed by Briefing.com had been forecasting a loss of 75,000 jobs in the latest report.

The latest report brought job losses this year to 463,000.

The unemployment rate edged up to 5.7% from a 5.5% reading in June. It was the worst reading since March 2004, and slightly worse than economists' forecast of a 5.6% rate.

The rate has now jumped a full percentage point from a year ago.

But the 5.7% unemployment rate only tells part of the problem faced by job seekers. It doesn't include those who have become discouraged from looking for work, or those who have accepted part-time jobs when they want to be working full time.

Counting all of those unemployed or underemployed people, the rate rises to 10.3%, the first time that measure has hit double figures since November 2003.

Just lat April McCain stated -We were better of over all and unemployment was at an all time low. Within 24 hours he flipped on that statement. "Americans are not better off than they were eight years ago
http://www.youtube.com/watch?v=cDJxDUgpLlc
http://www.perrspectives.com/blog/archives/001032.htm

Just another example of how out of touch McCain really is.

[hopewell1985]

1. investment

that is what this economy needs