Updated July 02, 2009
Nation's Jobless Rate Hits Highest Yearly Loss in 4 Decades
FOXNews.com
The nation's jobless rate scored its biggest year-to-year June increase in four decades, soaring nearly 70 percent, a FOXNews.com analysis of labor statistics shows.
The nation's jobless rate scored its biggest year-to-year June increase in four decades, losing 6.1 million jobs in one year's time, a nearly 70 percent spike, a FOXNews.com analysis of labor statistics shows.
The jobless rate leapt to 9.5 percent from 5.6 percent between June 2008 and June 2009, a 3.9 percent spread that matched April and May yearly differences and tie for the highest yearly percentage spread since May 1974-1975.
In May 2009, 14.5 million people were unemployed -- 6 million more than one year earlier. The jobless rate during that time leapt to 9.4 percent from 5.5 percent, a 71 percent increase in the unemployment rate.
In April, 13.7 million people were unemployed, 6.1 million more than the previous April. The increase to 8.9 percent in April 2009 from 5.0 percent in April 2008 represented a nearly 80 percent annual increase in unemployment.
The last time the nation saw that high of a jump in one year was May 1975 when the unemployment rate climbed to 9.0 percent from 5.1 percent, a 76 percent increase in the jobless rate. However at that time, fewer people were in the workforce so the leap represented 3.7 million job losses.
The highest single-year jump on record still dates back to the October 1948-October 1949 time period, when the jobless rate more than doubled -- leaping to 7.9 percent from 3.7 percent. The 7.9 percent rate -- 4.9 million unemployed workers -- was fueled in part by tens of thousands of newly discharged servicemen flooding the job market.
Asked whether the current unemployment rate will hit 10 percent, White House spokesman Robert Gibbs said, "Absolutely. It might not be next month, but in two or three months, it's clear we'll hit that number."
After the release of the unemployment rates on Thursday, President Obama said he's still "deeply concerned" about the continuing loss of jobs across the United States.
He said that developing both a short-term and longer-term solution to America's economic woes is "one of the things that I'm most focused on."
Obama told The Associated Press he feels his administration has stabilized the housing and financial markets, while he acknowledged that more work needs to be done in the area of job creation.
The president said he understands that people are "worrying if they're going to be next."
Latest Politics Videos
-
-
Dr. Congress
-
Nov 22, 2009
Bill would mandate H1N1 sick days
-
-
-
Chris Chocola on 'FNS'
-
Nov 22, 2009
One of the generals in GOP's civil war
-
-
-
Panel Plus: 11/22
-
Nov 22, 2009
'FNS' panel on health care, rationing
-
-
-
On This Day: 11/22
-
Nov 22, 2009
The assassination of JFK
-
-
-
Eventful Trip?
-
Nov 21, 2009
Did Obama make any news in Asia?
-
-
-
Bogus Numbers
-
Nov 21, 2009
Media cracks down on 'saved jobs' numbers
-
Real Clear Politics Poll
| Job Approval | Approve | Disapprove | Spread |
| Obama | 50.6% | 43.4% | +7.2% |
| Congress | 27.0% | 64.3% | -37.3% |
| Direction of Country | Right Direction | Wrong Track | Spread |
| RCP Average | 38.0% | 57.2% | -19.2% |
Most Active In Politics
Most Read
Most Commented
-
House Passes Health Care Bill
November 08, 2009 1,132 comments
-
Health Care Bill Moves Toward Senate Debate
November 22, 2009 974 comments
-
AP Turns Heads for Devoting 11 Reporters to Palin Book 'Fact Check'
November 18, 2009 856 comments
-
Comment Box: Send Us Your Findings on Health Care Reform
November 19, 2009 841 comments
-
Obama: 'Dont' Jump to Conclusions' on Fort Hood Shooting
November 06, 2009 615 comments
-
White House Weighs Jobs, Deficit
November 22, 2009
-
Mayor Newsom Committed to Politics
November 22, 2009
-
Strains in Party Threatens Democrats
November 22, 2009
-
U.S. Enlists Allies in New Surge
November 22, 2009
-
Obama Seeks to Boost U.S. Exports
November 22, 2009
-
Alas, it’s the end of the road for petrolheads
November 22, 2009
-
A gross insult to the people of Europe
November 22, 2009
-
Rule the waves? Not any more we don’t
November 22, 2009
-
They’re still wriggling to avoid the flak on Iraq
November 22, 2009
-
Copenhagen will fail – and quite right too
November 22, 2009



recommend

Subscribe to Comments






