US jobless soars as companies squeeze workers

[Digbert]

Rember everybody the economy is getting better.

Private employers cut 298,000 American jobs last month, far above economists’ expectations, and squeezed more work out of staff over fewer hours. The ADP Employer Services report on jobless numbers in August exceeded the 250,000 staff cuts economists had forecast.
Employees who kept their jobs worked even harder over shorter hours, according to the Labor Department today.
Revised productivity figures, which show the amount of output per hour of work done, rose by an annual rate of 6.6 per cent in the second quarter, the biggest rise in nearly six years.

Read entire article

[Amry]

I have to say that personally, I love the comments on the graph. Makes Economics so much more interesting.

So should I assume that TARP and the whole lot of the "economic stimulus" thing is not working?

[Sphere]

3rd quarter GDP will be the key number. 2nd quarter was only -1% well above the -6% we were running at early in 2009. Japan & Germany both posted positive growth, so the expectation is for slight US growth in Q3. If it's between -1%-0% there will be slight disapointment, if its below -1% that will be concerning.

Everyone expects uemployment to lag up to a year behind other indicators, as that has occured with every recovery for the past 100 years or so.

[S.L.I.G]

You mean increasing debt to get out of debt makes the problem worse? My god!

[Nouvelle Vague]

Why don't you quote the full article I wonder.

[Digbert]

Why don't you quote the full article I wonder.

Because the whole thing would take up quite a bit of room but if you look at the bottom of the quote I gave you a link to the whole so its only one click away