Legal Commentary

Hooray! Unemployment "Only" At 9.4%

By Big Tent Democrat

Surreal news coverage:

The United States economy lost 345,000 jobs in May, the government reported on Friday, a sharp slowing in the pace of job losses that fueled hopes that the economy was on its way toward a recovery. The recession continued to take a toll as the unemployment rate climbed to 9.4 percent, its highest point in a quarter-century. In normal times, the loss of so many jobs in a single month would have been interpreted as a calamity. But 18 months into the longest recession since the 1930s, economists said the milder pace of job losses indicated that the economy was gradually leveling off . . . “Things are still getting worse, but the pace of decline has slowed down,” said David Wyss, chief economist at Standard & Poor’s. “Over all, it’s not quite as dire as it looked in the first quarter.”

(Emphasis supplied.) Happy days are here again! Sheesh.

Speaking for me only

Full post as published by TalkLeft on June 05, 2009 (boomark / email).