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Surge Desk

Unemployment Rate Rises for First Time in Four Months

Sep 3, 2010 – 2:38 PM
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Steven Hoffer

Steven Hoffer Contributor

(Sept. 3) -- The Labor Department released today the August unemployment report, which showed that despite 67,000 jobs added in the private sector, unemployment has risen for the first time in four months, from 9.5 to 9.6 percent. Overall, the workforce surrendered 54,000 jobs, with 114,000 temporary census positions ending.

The job news generated calls from Republicans for President Barack Obama to rethink his course and replace his economic consultants, according to Fox News.

"They passed their trillion-dollar stimulus bill 18 months ago. ... The American people don't want another pep talk -- they want another approach," House Republican Conference Chairman Mike Pence of Indiana told Fox News. "They want to see this administration abandon this policy of more spending, more bailouts and more small-ball boutique tax incentives."

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Obama, who plans to hold a press conference next week on possible "broader" economic proposals, said that the private sector hiring was "positive news" but still represented inadequate growth.

The Atlantic's Daniel Indiviglio called the report "somewhere between bad and lukewarm," but did find a "small sliver of optimism" in noting a positive hourly wage change. "If Americans are earning more money, then they'll likely spend more of it," he wrote. "And if there's anything that the economy could desperately use right now, it's more spending."

In addition, June's and July's unemployment figures were revised to reflect higher gains in the private sector for both months. Still, since the recession began, the overall employment picture has been a pretty sorry one:

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Filed under: Nation, Politics, Money, Surge Desk

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