Archive for July 2nd, 2009
The Judge With Ron Paul
Gerald Celente on Obamageddon’:
Jobs, jobs, jobs and jobs!
July 2 (Bloomberg) — Employers in the U.S. cut more jobs than forecast in June and the unemployment rate rose to the highest in almost 26 years, offering little evidence the Obama administration’s stimulus package is putting Americans back to work.
Payrolls declined by 467,000 and followed a 322,000 drop in May, according to Labor Department figures released today in Washington. The jobless rate rose to 9.5 percent, the highest since August 1983, from 9.4 percent.
Stocks tumbled and bond yields fell as investors bet the 18th straight month of job cuts will further sap consumer spending, weakening a recovery from the deepest recession in half a century. The economy has lost about 6.5 million jobs since December 2007 as companies from General Motors Corp. to Kimberly-Clark Corp. cut costs.
“Companies are laying off people and not hiring them back,” said Roger Kubarych, chief U.S. economist at UniCredit Global Research in New York, who forecast payrolls would decline by 450,000. “This leaves us with a weak, irregular recovery.”
