Unemployment Continues Its Upward Trend
In a report that should have shocked no one, the Labor Department announced that the unemployment rate went up to 9.7% from 9.4% in August. Job losses beat new jobs for the 20th month in a row. In a year, unemployment has risen from 6.2% to where it is now. I point that one out, just in case someone wants to come along and try to blame President Obama for this.
To its credit, fewer jobs were lost last month, but it’s still going the wrong direction. And, dare I throw it up again, we still don’t know what will happen with the commercial real estate crisis rears its ugly head in the coming months. I haven’t really made a prediction on this one yet, mainly because I’m trying not to scare anyone. However, I’m going to go out on a limb here and hope I’m wrong; by the end of the year, we’ll see unemployment figures around 10.6% nationally. I was going to throw out 11%, but man, I don’t want us to be anywhere near that.
I have a general question to add to this. Supposedly there are all these signs that the economy is improving; what am I missing? Sure, housing starts are up, but foreclosures are still occurring at a steady rate. The stock market has supposedly recovered, but isn’t it back down around 9,300 after hitting 10,000 again? And let’s not forget that we’ve got all these bank closings, and now we’re up to 89 after today. Iowa saw it’s first bank closure in a decade, and banks in Missouri, Illinois, and Arizona also closed.
Man, this is bad, and I don’t know what’s going to eventually turn things around for good. Actually, I did have a plan years ago that I thought might work, but if no one was going to listen to my idea on a health plan for America, why would they listen to me on some ideas to help turn the economy around, and also help the country in other ways?
Well, when America is ready, I’ll be here. Happy Labor Day, folks!