Saturday, July 18, 2009

Unemployment tops 10 percent in 16 states in June

Unemployment tops 10 percent in 16 states in June

From the Associated Press:

The U.S. Labor Department says unemployment topped 10 percent in 16 states last month. The rate in Michigan surpassed 15 percent, the first time any state hit that mark since 1984.

Home to the nation's struggling auto makers, Michigan has been clobbered by lost factory jobs. Its jobless rate of 15.2 percent in June was the highest in the country, but the record-high for the state was 16.9 percent in November 1982.

Still, the government says it's the first time in 25 years that any state has suffered an unemployment rate of at least 15 percent. In 1984, it was West Virginia.

The national unemployment rate is 9.5 percent, a 26-year high, and is expected to hit 10 percent by year-end.

We have long predicted that unemployment will reach more than 10% nationwide; perhaps as much as 12% or more percent. If the job-destroying Employee Free Choice Act is passed, we may see unemployment balloon to as high as 15 to 18% within a few short years, as capital flees America in earnest.

This article is more evidence that the economic stimuli has not stimulated jobs, the question is: Will politicians waste more money on a second stimulus package?

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