The Pug

Highlighting American news

U.S unemployment still stagnant

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The United States economy added 204,000 jobs in October, but the unemployment rate ticked up to 7.3 percent.

Despite these gains, the participation rate dropped 0.4 percentage points to a 35-year low 62.8 percent.

The government shutdown appeared to have not made a huge impact which was originally feared by economists. The economy continued to show signs of improvement, but the elusive 6 percent unemployment rate is still far away.

In 56 months of Barack Obama’s presidency, the unemployment rate dropped a grand total of 0.5 percent. The rate was 7.8 in January of 2009 to the 7.3 percent now.

Anti-Obama crusaders, also known as the Tea Party, pointed and shouted at the numbers and continued to remind people that former president George Bush’s rate hovered around 5 percent instead of this 7-percent range we’ve fallen in love with.

However, those on the left argue about the inherited mess Obama received after Bush gift-wrapped piles of debt from two wars and other spending projects. Yes, an administration who campaigned on little to no government spending spent quite a lot while in the White House.

Regardless whom you blame, the fact remains: our economy is still recovering, and debacles like the government shutdown probably aren’t helping.

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This entry was posted on November 8, 2013 by in Economy and tagged , , , .
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