GDP 3rd Quarter UP 3.5% but Unemployment Hits 10.2%

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layoffs.pngToday, the government announced a surge in the national unemployment figure of 10.2% — which seriously underestimates the ‘effective unemployment’ rate of those who have stopped looking for work or who are undermployed.
Leo Hindery issues these numbers regularly, and I will post them when I receive them.
But yesterday, Joe Biden mentioned during his talk at the Center for American Progress that 3rd quarter GDP growth was 3.5%.
With a surge in official unemployment — we now see the handwriting on the wall of a jobless recovery.
When Obama was pushing Congress to pass the stimulus package, he said it was about jobs, jobs, jobs!
But the reality is that there is a profound level of job destruction in the country — and the greatest number of jobs Obama and his economic team seem to have saved seem to be at Goldman Sachs and fellow traveling financial sector firms.
— Steve Clemons

Comments

One comment on “GDP 3rd Quarter UP 3.5% but Unemployment Hits 10.2%

  1. Dan Kervick says:

    “But the reality is that there is a profound level of job destruction in the country — and the greatest number of jobs Obama and his economic team seem to have saved seem to be at Goldman Sachs and fellow traveling financial sector firms.”
    Cheap shot.
    Yes, more should be done to help create jobs. But while it is impossible to estimate the exact number of jobs created or saved by the stimulus package, it is obvious that the number is substantial.

    Reply

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