{"id":2976,"date":"2009-11-07T17:40:41","date_gmt":"2009-11-07T22:40:41","guid":{"rendered":"http:\/\/www.jasetaro.com\/blog\/?p=2976"},"modified":"2009-11-07T17:40:41","modified_gmt":"2009-11-07T22:40:41","slug":"ap-what-recovery","status":"publish","type":"post","link":"https:\/\/www.jasetaro.com\/blog\/2009\/11\/07\/ap-what-recovery\/","title":{"rendered":"AP: What Recovery?"},"content":{"rendered":"

The Associated press has been one of the President’s biggest cheerleaders but with unemployment now topping ten percent even they’re asking What recover<\/a>?<\/p>\n

Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.<\/p>\n

The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.<\/p>\n

President Barack Obama called it \u201ca sobering number that underscores the economic challenges that lie ahead.\u201d He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.<\/p>\n

Economists had not expected the 10 percent mark to come so quickly and immediately darkened their forecasts. Mark Zandi, chief economist at Moody\u2019s Economy.com, and Joshua Shapiro, chief U.S. economist at MFR Inc., predicted the rate will peak at 11 percent by mid-2010. They earlier had projected 10.5 percent.<\/p>\n

Unemployment at 11 percent would be a post-World War II record. Only once since then has joblessness hit double digits in the United States \u2014 from September 1982 to July 1983, topping out at 10.8 percent.<\/p><\/blockquote>\n

The article strikes fairly pessimistic tone in its reporting on the economy and accelerating pace of job losses. The only real quibble I have with it is that the economy hasn’t “relapsed”. Outside of small decline in July because of a statistical anomaly<\/a> the unemployment rate has been rising steadily all year. In fact October’s month-over-month increase is the largest since May<\/a>, and four times as large as the last monthly difference.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Associated press has been one of the President’s biggest cheerleaders but with unemployment now topping ten percent even they’re asking What recover? Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[26,7],"tags":[924,57,1363,27],"class_list":{"0":"post-2976","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-economy","7":"category-politics","8":"tag-associated-press","9":"tag-barack-obama","10":"tag-economy","11":"tag-recession","12":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pfpI7-M0","jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":3156,"url":"https:\/\/www.jasetaro.com\/blog\/2010\/01\/08\/december-unemployment-holds-steady-at-10-percent\/","url_meta":{"origin":2976,"position":0},"title":"December Unemployment Holds Steady at 10 Percent","author":"Jeff","date":"January 8, 2010","format":false,"excerpt":"I'm looking for good news in the December Jobs Report, but I can't find any... From Reuters: U.S. employers cut 85,000 jobs in December, confounding expectations the labor market was finally stabilizing and piling pressure on President Barack Obama to spur job growth. Unemployment, which held steady at 10 percent,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2648,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/08\/25\/train-wreck-gdp-decline-twice-as-bad-as-obama-admnistration-forecast\/","url_meta":{"origin":2976,"position":1},"title":"Train Wreck: GDP Decline Twice as Bad as Obama Admnistration Forecast","author":"Jeff","date":"August 25, 2009","format":false,"excerpt":"Ouch, this isn't good news for President Obama's agenda... The White House has been using some pretty rosy economic forecasts to sell his agenda. However, those rosy forecasts have finally crashed head-on into economic reality. In short, GDP declined roughly twice as much as they predicted and their out year\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":4503,"url":"https:\/\/www.jasetaro.com\/blog\/2012\/07\/06\/awful-unemployment-remains-at-8-2-in-june-just-80000-jobs-added\/","url_meta":{"origin":2976,"position":2},"title":"Awful: Unemployment Remains At 8.2% in June; Just 80,000 Jobs Added","author":"Jeff","date":"July 6, 2012","format":false,"excerpt":"From MarketWatch: The U.S. created just 80,000 jobs in June as hiring slowed dramatically in the second quarter, confirming that the economy has hit another rough patch. The unemployment rate was unchanged at 8.2%, the Labor Department said Friday. The disappointing employment report adds to fresh worries about the U.S.\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2602,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/08\/13\/retail-sales-fall-jobless-claims-and-foreclosures-rise-in-july\/","url_meta":{"origin":2976,"position":3},"title":"Retail Sales Fall, Jobless Claims and Foreclosures Rise In July","author":"Jeff","date":"August 13, 2009","format":false,"excerpt":"Recovery, what recovery??? There's no good news in the economic data released today... If President Obama and the Democrats in Congress where hoping improving economic indicators would help rescue their health care reform plans there out of luck. Retail Sales fell 0.1 percent last month, while new jobless claims increased\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/www.jasetaro.com\/blog\/category\/economy\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":2452,"url":"https:\/\/www.jasetaro.com\/blog\/2009\/07\/02\/unemployment-climbs-to-9-5-percent\/","url_meta":{"origin":2976,"position":4},"title":"Unemployment Climbs to 9.5 Percent","author":"Jeff","date":"July 2, 2009","format":false,"excerpt":"Unemployment climbed to its highest level in 26 years rising to 9.5 percent in June. 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