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Unemployment Rate Jumps to 22.5%

With the release of the latest jobs report from the Labor Department, the “true” unemployment rate as reported by Shadowstats.com jumped from 22% in August to 22.5% in September. The hardest hit sectors were teachers and local government workers. It was the largest amount of layoffs reported in these sectors in three decades and it more than offset weak hiring in the private sector. The official government unemployment rate remained stuck at 9.6%. The large jump in the unemployment rate came from the underemployed sector and the already jobless who weren’t actively seeking employment.

This was especially bad news for Democrats seeking re-election, as this was the last major jobs report to be issued before the November 2nd elections.

And even though it couldn’t seem to be much worse, get ready folks it’s going to be a bumpy ride! Several reports released today revealed that over the course of the next year financially stressed state and local governments may layoff as many as 480,000 workers and reports out of Wall Street warned that up to 10% of the 800,000 workers working on Wall Street may get pink slips over the next few months as revenue for those firms continue to decline.

With many economists now expecting the official government unemployment to return to the 10% level by the end of the year, one has to wonder if the “true” unemployment rate will hit Depression Era levels of 25%.

And we hate to tell you so Mr. President, but more layoffs are expected from state and local governments despite a $26 billion aid package that the Obama regime signed into law in August. The recession has devastated state and local budgets, but let’s be honest here, most of it was brought on by themselves as they allowed spending to get out of control. And as we previously reported those funds, which were nothing more than a bailout for union jobs, were not required to be used specifically to save jobs…so what do you think the states are going to do with the money???

In the private sector, hiring in September was led by 34,000 new jobs at bars and restaurants, but those tend to pay less than government work and offer fewer benefits, if any.

Factories cut 6,000 jobs last month. Construction companies sliced 21,000. Both industries tend to pay higher wages than jobs in the service sector, such as work at chain stores. Retailers added about 6,000 positions.

Kind of takes you back to the days during the Reagan years when Democrats chastised the President by claiming that “trickle down economics” only created low paying jobs. Not only is this Presidents economic policies wiping out higher paying jobs, the only real jobs being created are those same low paying jobs.

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