It's Still The Economy, Stupid

Thursday, July 03, 2003  

The Unemployment Circle is Almost Complete

Bush II is inching closer and closer to the unemployment levels that Bush I attained, with unemployment now reaching a level not seen since 1994:

Unemployment rose to 6.4 percent from 6.1 percent in May, the Labor Department said. That's the highest level since April 1994.


UPDATE: Via Atrios, this interesting bit of additional information: "... almost all of that jump [in unemployment] being due to female black over 20 unemployment rising from 8.0 to 9.8%." I wonder what this implies for the level of attention the White House will give this mounting problem.

posted by Angry Bear | 10:19 AM |

June Employment Situation

June employment was down 30,000 to 130.0 million. The May number was revised downward 75,000 and the April number was revised down 22,000. The running total is now 2,598,000 jobs lost since employment peaked in February 2001.

The U.S. unemployment rate shot up to 6.4%, the worst level since April 1994. Employment in the household survey (on which the unemployment data is based) actually rose on the month, but not enough to gainfully employ 600,000 new entrants to the labor force, probably due to the school year ending. Teenage unemployment rose 0.8% to 19.3%. Black or African American unemployment rose a full percentage point to 11.8%.

While Bush seems to be having trouble liberating the people of Iraq and winning the War on Terror, his economy is having no trouble liberating Americans from their jobs. Maybe it's time for a "War on Unemployment". It seems like that war would be one that has both a tangible enemy and the possibility of victory.

posted by Teddy | 7:28 AM |

Tuesday, July 01, 2003  


This guy has some interesting things to say about our debt situation and post-WWII economic history. It's a good read, though the formatting is a bit messy on some browsers.

posted by Matthew | 9:42 AM |