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Friday, February 1, 2013

Unemployment Rate RISES to 7.9%

More evidence  Obamanomics is a failure. The labor department just announce the unemployment rate grew to 7.9% in January as the total non-farm payroll employment increased by a disappointing 157,000.

The U-6 number which includes unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force-stayed the same at 14.4% which means the reason for the rise was not that more people entered the labor force.

Senate Majority Leader Harry Reid (D-Nev.) on Thursday said the American economy is "in a recovery" despite the decline in the nation's gross domestic product (GDP), and blamed the GOP for talking down the economy.

Reid of course is way wrong...the economy hasn't been talked down, it has been led down the wrong path by our progressive leaders.

With the higher taxes passed right after the first of the year, look for the rate to return to an 8+% number over the next few months.

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