Recovery Summer 3: July Unemployment Up In 44 States
Recovery Summer 3: July Unemployment Up In 44 States
By JOHN MERLINE,
In another sign of the ongoing jobs recession, fully 44 states saw their unemployment rates climb in July, according to state-level data released Friday by the Bureau of Labor Statistics.
As a result, more than three years after the economic recovery officially started under President Obama, 10 states still have jobless rates of 9% or higher.
Nevada's jobless rate, for example, climbed to 12%, New Jersey's rose to 9.8% and North Carolina's edged up to 9.6%.
The states with the highest rates — Nevada, Rhode Island (10.8%), California (10.7%), New Jersey and North Carolina all voted for Obama in 2008.
The four states with the lowest jobless rates are solidly GOP: North Dakota (3%), Nebraska (4%), South Dakota (4%) and Oklahoma (5%). Heavily Democratic Vermont also had 5%.
Big cities continue to suffer exceedingly high unemployment, with rates of 11.2% in the Los Angeles area, 10% in New York City and 9.5% in Miami.
Even in the Detroit metro area, which Obama repeatedly touts as a success story after the bailouts of GM (GM) and Chrysler, the jobless rate has climbed in each of the past three months and is now 10.2%. Overall, Michigan's jobless rate hit 9% in July.
Obama said in a January speech in Michigan that "We placed our bets on the American auto industry, and today, the American auto industry is back. Jobs are coming back."
The U.S. unemployment rate rose to 8.3% in July, according to BLS data released Aug. 3.
Early in his administration, Obama's economic team had forecast that the jobless rate would never hit 8% with the $831 billion stimulus — which Obama signed into law in February 2009. It's been above 8% for 42 straight months.
In addition, 19 states lost a combined total of 91,000 jobs in July, according to the BLS data. Since Obama took office, just 16 states have seen a net gain in jobs.
These dismal numbers continue a trend of lackluster job growth since Obama took office. Even now, more than three years after the last recession officially ended, the economy is still nearly 4.8 million jobs below the pre-recession peak.
Since the recovery began in June 2009, the economy has never managed to create more than 275,000 jobs in any given month. After the U.S. stopped shedding jobs, the average monthly gain has been just 122,000, which is below what many economists say is needed to keep pace with population growth.
By contrast, in the first three years of the early '80s Reagan recovery, the economy created an average of 273,000 jobs a month.
While 2.7 million jobs have been created since the recession, the number of people who are no longer in the labor force — either they quit looking, have put off looking for a job, or retired — has swelled by an astonishing 7.5 million.
The White House now doesn't expect unemployment to dip below 7% until 2015. The year before the recession started, the jobless rate was below 5%.
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The Ryan Plan All of this has been passed by the House
Note that the Romney Plan for Medicare is slightly different than Ryan's
And here is the Obama Plan
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TODAY'S QUOTE
"[P]erhaps the most important effect of the Ryan pick is this: It turns the GOP effort from a campaign into a movement. It transforms a mere electoral effort into a political cause."
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Unemployment Up in 44 States; New York Unemployment Highest Since 1983; No Improvement Nationally in 2012; Looking Ahead: What's Next?
Remember to vote, it you don't, you did!
Just like the unprecedented visit the head of the CBO was faced with when the Obama care act vote was being bribed for on Christmas eve if I remember correctly.....
Why did Obama meet with the CBO? link here
Just sayin, inexperience and habit from Chicago politics, made its way into today.
Inference abounds :)
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