{"id":17097,"date":"2013-02-01T09:07:20","date_gmt":"2013-02-01T14:07:20","guid":{"rendered":"http:\/\/cfif.org\/v\/freedom_line_blog\/?p=17097"},"modified":"2013-02-01T09:19:44","modified_gmt":"2013-02-01T14:19:44","slug":"unemployment-rises-unexpectedly-to-7-9","status":"publish","type":"post","link":"https:\/\/cfif.org\/v\/freedom_line_blog\/17097\/unemployment-rises-unexpectedly-to-7-9\/","title":{"rendered":"Unemployment Rises Unexpectedly to 7.9%"},"content":{"rendered":"<p>Earlier this week, the federal government reported that our economy <a href=\"http:\/\/online.wsj.com\/article\/SB10001424127887324156204578273611039517142.html?mod=ITP_pageone_0\" target=\"_blank\">contracted<\/a> for the first time since the last recession.<\/p>\n<p>Today it reported that <a href=\"http:\/\/www.bls.gov\/news.release\/empsit.nr0.htm\" target=\"_blank\">unemployment rose to 7.9%<\/a> last month, up from 7.8% the month before.<\/p>\n<p>Analysts had <a href=\"http:\/\/online.wsj.com\/article\/SB10001424127887323926104578276290563903434.html?mod=ITP_moneyandinvesting_0\" target=\"_blank\">expected<\/a> the rate to remain at 7.8%, already a terrible number nearly four years after the last recession ended.\u00a0 Moreover, the 157,000 new jobs added fell below analysts&#8217; expectations of approximately 170,000, which itself is significantly below the <a href=\"http:\/\/www.bloomberg.com\/news\/2011-10-07\/payroll-gain-probably-failed-to-cut-u-s-unemployment-as-confidence-waned.html\" target=\"_blank\">200,000 per month<\/a> necessary to keep pace with population growth and substantively reduce the festering unemployment rate.\u00a0 So Obama II inherits a higher unemployment rate from himself than Obama I inherited from Bush, but with the added burden of $6 trillion wasted deficit spending.<\/p>\n<p>This has ominous broader implications, as noted by <em>The Wall Street Journal<\/em>:<\/p>\n<blockquote><p>The labor market looks anemic 3\u00bd years into an economic recovery.\u00a0 At  last count, there are 134 million employed Americans, or four million  less than the month before the recession began.\u00a0 At the same point after  the prior recession in the early 2000s, despite what was then called a  jobless recovery, there were 5.3 million more workers&#8230;\u00a0 Whether it is retirees, the unemployed, &#8220;discouraged&#8221; workers or  people claiming disability that explain the difference, though, the  ratio of &#8220;makers&#8221; to &#8220;takers&#8221; in society has dropped.\u00a0 That has  implications for tax revenue and spending and helps explain why,  following weak growth data on Wednesday, this is the slowest economic  recovery in modern times.&#8221;<\/p><\/blockquote>\n<p>Hardly the &#8220;Forward&#8221; that Obama promised.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Earlier this week, the federal government reported that our economy contracted for the first time since the last recession. Today it reported that unemployment rose to 7.9% last month, up from 7.8% the month before. Analysts had expected the rate to remain at 7.8%, already a terrible number nearly four years after the last recession [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[19,27,24,18],"class_list":["post-17097","post","type-post","status-publish","format-standard","hentry","category-posts","tag-economy","tag-jobs","tag-obama","tag-unemployment"],"_links":{"self":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/17097","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/comments?post=17097"}],"version-history":[{"count":4,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/17097\/revisions"}],"predecessor-version":[{"id":17106,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/posts\/17097\/revisions\/17106"}],"wp:attachment":[{"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/media?parent=17097"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/categories?post=17097"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cfif.org\/v\/freedom_line_blog\/wp-json\/wp\/v2\/tags?post=17097"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}