Unemployment Rises to 9.2% in June
The economy continues to signal weakness as unemployment rises to 9.2% in June. Employers added a net 18,000 jobs falling far below expectations and pushing the unemployment rate up 0.1%.
The results fall far below the 7/7 ADP report that had expected unemployment to hold steady at 9.1% with employers adding over 100,000 jobs.
This comes as more bad news to the Obama administration as it attempts to make the case that President Obama deserves another 4 years in office.
Since Obama took office, the economy is down 2.5 million jobs with the jobless rate above 9% for 24 of the past 26 months. And some are calling the current situation the worst economic recovery since the 1930′s. The unemployment situation continues to look bleak with long term unemployment not declining and the number of short term unemployed rising sharply.
The Obama administration faces an uphill battle to convince the American people that the Obama policies should continue with Obama possibly facing the highest unemployment rate of any post-war president.
Since Obama took office, the country has suffered:
- Rising unemployment
- Rising energy costs (in line with the President’s desires)
- Rising food costs
- Record deficits
- Errosion of freedom
Look for President Obama to use the struggling economy to make that case for more spending and heavy taxation of businesses and the wealthy as the cure for the current economic situation. Hopefully the President’s “spread the pain around” approach to fixing the economy will not be well received.