US unemployment rate highest since 1983

[dmc444]

On the day when California has just about went bust, some more bad news form the worlds biggest economy.

Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be bumpy.

The Labor Department report, released Thursday, showed that even as the recession flashes signs of easing, companies likely will want to keep a lid on costs and be wary of hiring until they feel certain the economy is on a solid ground.

June's payroll reductions were deeper than the 363,000 that economists expected.

Jobless rate rises to 26-year high - Stocks & economy- msnbc.com

[Ecoguy]

Saw this on Bloomberg and getting pretty ugly on the markets as a result - green shoots me ar~e

[sauntersplash]

Yes we can!

[cd27]

the dead cat bounce won't be long in being exposed I'd say, the stock market has predicted 5 out of the last 0 recoveries

[dmc444]

This poses some serious problems for Obama, as his deficit reduction plan is predicated on Unemployment not rising much higher.

[CookieMonster]

The markets need real productivity, they can't and won't be sustainable based on blind hope and government bailouts.

[jpc]

The markets need real productivity, they can't and won't be sustainable based on blind hope and government bailouts.

Its the printing press which is keeping things going now.

[sandar]

unemploymenrtn is a lagging indicator, this means that even if/when 'green shoots' start to appear it wont iprove the employment stats straight away, because the first thkng which happens is that demand increases a bit, but the company dont know how long it will last so they wont be hiring new people, just not firing the old people. Then if the economy continues to grow, demand for the companies products increases with the result that they need more staff.
California running out of money is hillarious in many ways shows what happens when you put an economic illetaret in charge

[Sierra]

Markets in the US had the sharpest fall since April today as a result of this. Those figures were not forecasted at all! DOW closed - 2.63%

A lot of investors are beginning to really worry that Obama's stimulus plan is a flop - next week could be busy on the market front.

[Truth.ie]

I'm beginning to feel the same as when I saw the photo of Michael Jacksons doctor.
"Phew, cant blame whitey for this one."