Economic Alert: Unemployment Jumps to 6.1%

The late Tip O’Neil got it right - at least as far as politics being connected to one’s wallet. When pocketbook issues start to slam the average American, they’re not so worried about what’s happening in Washington, only that bad policy causes their personal woes. If that’s the case, then the GOP is in a heap of trouble this year.

A few months back, when her own job was eliminated, Susie Madrack ran out the old saying, “It’s a recession when you lose your job. It’s a depression when I lose mine.”

There are a lot more people today feeling like there’s an economic depression coming. According to figures released this morning, the unemployment rate jumped to 6.1% in August, up from 5.7% in July. Not to state the obvious, but that’s almost a 1/2 percent increase in a single month. And 84,000 people lost their jobs, which is a significantly higher figure than had been predicted.

The last eight years have been a nightmare in employment markets.

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