Maybe President Obama should have given his jobs speech three years ago. We’re going to have to win the Galactic lottery or vote Obama out in 2012.
According to CNN Money…The White House said yesterday that it predicts the unemployment rate will remain stubbornly high, not falling below 6% until 2017.
Who is unemployed? About 14 million Americans remain unemployed and 42.9% of them have been out of work more than six months.
Blacks have it the worst, with an unemployment rate at 16.7% — its highest level since 1984. The unemployment rate for Latinos was unchanged at 11.3% and the unemployment rate for whites fell slightly to 8%.
Another 2.6 million people were considered “marginally attached” to the workforce in August. They wanted and were available for work, and had looked for a job sometime in the last year, but were not counted in the unemployment figures because they weren’t actively searching for a job in August.
Overall, the so-called underemployment rate, which includes those people, as well as people who want to work full-time but are forced to work part-time, rose to 16.2%.
The last time the government reported exactly zero jobs added in a month was in February 1945…
The misery index is miserable at 12.73.
9.1% unemployment + inflation rate of 3.63 = Misery Index 12.73
The misery index was initiated by economist Arthur Okun, an adviser to President Lyndon Johnson in the 1960’s. It is simply the unemployment rate added to the inflation rate. It is assumed that both a higher rate of unemployment and a worsening of inflation both create economic and social costs for a country – job creators avoid adding jobs and customers avoid spending. The misery index hit a high of 21.98 in June, 1980 (as a result of the Carter years and a low of 2.97 in July, 1953