U.S. Unemployment Rate Drops Instead Of Expected Hike

At least one economist describes today's employment report as a clear "turn for the better."

The Labor Department says employers cut 247,000 jobs in July. That lowered
the nation's unemployment rate to 9.4 percent.

Analysts expected it to tick up to 9.6 percent. The news has sent stocks rising.

The White House is applauding today's jobs report. Spokesman Robert Gibbs says the Labor Department report that unemployment eased in July is evidence the country has retreated from the brink of depression.

But, Gibbs says there's still plenty of work to do and the jobless rate might yet hit 10 percent this year.

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  • by pete Location: grifton on Aug 8, 2009 at 02:09 PM
    According to the AP this is a flat out lie to bolster the stock market,a little juggle here,a little juggle there.wait till the interest owed to foreign governments(China is at the top of the list) exceeds the principle and the U.S government go's broke and can't even pay the interest on the money it borrowed and the dollar is worthless,your money in the bank will be no more around 90% go's for interest now.I give it two years max at the current rate the economy is going.your great,great grandchildren can't pay off the debt.Name one socialist state that has survived without money being given to it by another country?why do you think little Kim in Korea is making a big show? his regime is broke and can't even feed it's own people.we will follow suit.go PA-DOO
  • by Cactus Location: Strabane on Aug 7, 2009 at 03:54 PM
    NC helped vote Obama into office, but they are not being hood winked by his smooth talk any more. Obama say he does not pay attention to polls (maybe he should), so I'm sure Barlow and Lavon are the same. But here are the WITN polls: 1) health care as provided by Obama 11.4% YES, 88.6% NO; Cash for Clunkers 22.6% YES, 77.4% NO. Not much support. Proves that congress has no ears or they think we are stupid and can't think for our selves, its a wonder we were able to attain adult hood without their help. Not to mention getting married, raising children,house purchase, holding a job and paying taxes.
  • by Cactus Location: Strabane on Aug 7, 2009 at 03:23 PM
    Barlow, you and Lavon need an Obama pacifier. Obama wants green power like Wind turbines, do you know where those turbines have to come from? How about foreign purchase. The US does not manufacture anything any more, we are a country of service. I think its about time that Obama and his 'crats in congress take time to explain the "Obama Health Care", they tell me how good the reform will be(if it is so good, will congress change from their Rolls Royce health care to the Model T they support for us laymen) but they can't tell me what this reform will will consist. Maybe you two can explain the reform. The town hall meetings have turned into a mess. The 'crats insist that the attendees are sent by the republican party. They just can't fathom the fact that there are some people that can think for them selves. I don't need and I don't want any politician being my nanny, though you two may need a nanny and a sugar teat.
  • by Barlow Location: Winterville on Aug 7, 2009 at 01:18 PM
    Chris, I appreciate the link. Most people out here just spout whatever propaganda they prefer. If your point is, "there is alot of spending", won't disagree with that. There was alot of government spending to get us out of the Great Depression too. This time the entire world economy was on the verge of collapse. The US is not the only country doing this and although nobody wants it, its necessary. People over the last 8 years have been led to believe they can have whatever they want without sacrifice. Like that Iraq War, it was free right? Nobody raised your taxes so it must have been. Oh, we're going to pay big time! It'll be years to clean up this mess and time to pay for that 8 year party you just had.
  • by The flood Location: Greenville on Aug 7, 2009 at 12:59 PM
    We are still borrowing money from China and racking up record deficits ($700 billion for Bush in 8 years, $1.75-$1.85 trillion projected for Obama in 1 year) we are still sending jobs overseas and welcoming illegals, we are giving even more money to big corps. through "Stimulus" , many businesses are relocating their headquarters overseas due to our outrageous corporate tax rates, no money is going to infrastructure and green jobs don't exist. Plus on top of all that everyone's taxes will go up not just the rich. Unemployment will hit above 10% probably closer to 15%, new taxes will drive small business owners to contract or close all together, higher energy costs due to cap and trade will make everything more expensive further hurting what little manufacturing we have left. We as a nation are in for a world of hurt.
  • by Chris on Aug 7, 2009 at 12:50 PM
    Barlow, Obama spent more money in his first five months then Bush did in four years. And as far as investing in infrastructure... read this. (are you brain dead) http://firstread.msnbc.msn.com/archive/2009/01/17/1748381.aspx
  • by Barlow Location: Winterville on Aug 7, 2009 at 12:23 PM
    I guess we don't need any more taxes if we just BORROWED money like Bush did from the Chinese. I know it is a shock to some people but you are going to have to PAY one way or another. We can have taxes OR we can borrow money from foreign governments and pay interest on top. Invest in your own country.
  • by Broke Location: NC on Aug 7, 2009 at 12:04 PM
    I can see the drop in unemployment rate, many such as myself have ended up having to take a job that still dosent make enough to pay all the bills, much less buy things to stimulate the economy. There are jobs out there, but expect $7.50-10 per hour even in a position that normally pays 2-3 times that amount. Companies have figured out that people are getting desperate, times are tight on the corprate end too. We may have jobs, but we still have no money, and too many bills...
  • by Barlow Location: Winterville on Aug 7, 2009 at 12:04 PM
    Its the Republican basic philosophy that doesn't work. Give the big corps all the money, don't regulate anything and everything will be fine. They will create jobs for the little people so they are happy. Well, for 8 years money has gone overseas and in the pockets of the rich. The jobs that were created were where they could get labor cheapest and maximize profit. They didn't reinvest in their businesses here, they pocketed the money they made from cheap illegals and overseas slave labor. Like I said before, the party is over now. Money is getting invested in US infrastructure, US green jobs. We'll never be the great country we once were without investing here.
  • by Chris on Aug 7, 2009 at 11:37 AM
    HAHAHA, flood, I didn't even realize that typo, that's hilarious. Oh, and Barlow, I do give credit to Obama... for promising a bunch of crap in his campaign that won't come through in his office... just like every other politician. Still haven't seen the logic in cash for clunkers boosting the economy, let me here your explination on that one there buddy.
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