Recovery Summer Continues at a Brisk 9.5%

by Ryan on August 6, 2010

in Economy,Election 2010,Politics

The U3 rate (those without jobs who are still actively looking for them) for July was 9.5%, which is steady from June.  Stocks are a little shaky today on the news of still more lost jobs.  For the record, here’s a chart of U3 rates for Obama’s presidency:

Obama Nation Unemployment Rate

January 2009- July 2010

January ‘09 7.7 November ‘09 10.0
February ‘09 8.2 December ‘09 10.0
March ‘09 8.6 January ‘10 9.7
April ‘09 8.9 February ‘10

9.7

May ‘09 9.4 March ‘10 9.7
June ‘09 9.5 April ‘10 9.9
July ‘09 9.4 May ‘10 9.7
August ‘09 9.7 June ‘10 9.5
September ‘09 9.8 July ‘10 9.5
October ‘09 10.1

That’s the longest stretch above 9% since the 1980s, which was 19 months.  We’re already at 15 months and it doesn’t look like things are going to change much before January — then probably for the worse if business taxes go up as scheduled in January.

This is undoubtedly Obama’s economy now:  the “Bush Recession” technically ended last July (pdf), because oddly, we’ve seen some GDP growth for about a year now;  the last budget in which Bush and Paulson had direct input expired in October 2009 as well;  unemployment is a lagging indicator of economic strength, which historically tends to lag 2 quarters or six months behind true growth;  so by those reasonable measures Obama’s economic stewardship really began in November 2009.

{ 3 trackbacks }

Recovery Summer Ends at 9.6% | Axis of Right
September 3, 2010 at 5:17 pm
John Boehner: The New Devil | Axis of Right
September 13, 2010 at 5:55 pm
9.8% | Axis of Right
December 4, 2010 at 8:50 am

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