Unemployment crept up to 9.5 percent in June while 467,000 jobs were lost, according to the Department of Labor. May job losses were revised downward to 322,000, meaning that the pace of job losses has accelerated. There were 793,000 discouraged workers in June who stopped looking for jobs and were not counted in the unemployment rate.
According to my own calculations, about 2 million jobs have now been lost since the stimulus passed. So it’s pretty clear today that what we need to do this July 4 holiday is thank our dear leader, because things would have been a lot worse if he weren’t “saving or creating” so many jobs.