Recovery Summer Ends at 9.6%

by Ryan on September 3, 2010

in Economy

August’s unemployment (U3) numbers came out today and saw some movement for the first time all summer.  Of course, it’s in the wrong direction, up to 9.6%.  Three more months at or above 9% and we’ll tie a post Depression record for such persistent high unemployment, and we’re not exorcising inflation from the economy with a rosy deregulating pro-business tax structure on the horizon like back in 1981-82.  My bet is that we’ll likely meet or break the old 19-month record.

However, the markets saw that at least the private sector added a few jobs (at least until the inevitable revision later this month, then we’ll see) and rallied.  The higher unemployment rate is being blamed on the shedding of more temporary census jobs, with a lower-than-expected shedding of other jobs.  It could also mean more people are looking for jobs, which at least would be a truly positive sign.

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