The ranks of the unemployed jumped in the last week, much more than those high-paid economists predicted. How, in this crummy economy, economists can miss all the job layoff announcements by companies in every sector is beyond me. Corporations did well in the 2001-2007 time frame. But they didn’t hire like they did in the past, despite their good fortunes. Which means when the economy headed south late last year and all of this year, those same corporations aren’t going to hire now. Unemployment grew by 34,000 people to 406,000. The unemployment rate remained steady at 5.5%, but is expected to hit 6% by early next year.
The way these numbers are counted and calculated is a joke. It’s not indicative of the real employment situation Americans face. I’ve read estimates that the unemployment rate is probably double what the Labor Department reports. Because after all, 5.5% sounds a lot better than 10%+, doesn’t it? More and more people are looking around their communities and realizing the actual numbers are worse that what’s reported. It’s why more Americans surveyed believe the economy is in worse shape than our elected officials do.
The number of existing homes sold in June fell 2.6% from May’s numbers. Once again, the number was larger than economists expected. The housing crisis is far from over. How are people going to buy new houses when they can’t afford the houses they’re already paying on and thousands are losing their mediocre jobs?
These are but a few of the wonderful things conservative economic policies give us!