U.S. Unemployment Rate Increases Again

December 17. 2009

President Obama and two financial dudes at the White House

The U.S. unemployment rate once again shows signs of destabilization, as it was announced today the economy has shed more jobs. The fluctuating numbers reveal, the economy is no where near out of the woods, even with the current spending initiatives to boost nationwide sales. The White House and U.S. Congress have been spending unnecessary billions, in a misguided effort to minimize the effects of the recession-turned-depression.

With a record number of banks still going under, the current Obama Administration is accepting bailout repayments (T.A.R.P.) from a few of the nation's leading financial institutions. It is good that some banks have repaid the taxpayer loans they were issued to help them stay afloat.

However, new spending initiatives by the White House and Congress, with a price tag of over $1.1 trillion, shall cancelled out the repayments and create more debt. As such this should be an item of concern.

There is too much room for error, waste and mismanagement, when spending that much money. As illustrated by numerous instances of job creation fraud, where misleading and erroneous numbers were submitted, massive spending initiatives can lead to additional financial trouble. Here's hoping more fraud does not occur regarding the $1.1 trillion spending package.

New jobless claims rise unexpectedly

Dec 17, 8:42 AM (ET) - WASHINGTON (AP) - The number of newly laid off workers filing claims for unemployment benefits unexpectedly rose last week as the recovery of the nation's battered labor market proceeds in fits and starts.

The Labor Department said Thursday that the number of new jobless claims rose to 480,000 last week, up 7,000 from the previous week. That was a worse performance than the decline to 465,000 that economists had expected...

http://apnews.myway.com