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September 4, 2009
WASHINGTON - The U.S. unemployment rate jumped more than expected last month, hitting a 26-year high.
But the White House says there's positive news buried below that negative headline, job losses are tapering off.
The nation's unemployment rate jumped higher than expected last month with another 216,000 Americans looking for work.
But the Obama Administration says the bad news isn't as terrible as it was earlier this year.
"In January, the job loss was well over 700,000 and we've seen it decline slowly over the past few months," said Labor Secretary Hilda Solis.
Vice President Joe Biden insists the president's stimulus efforts are saving jobs.
"There would have been 500 to a million jobs lost had we not had the recovery act up and running," said the Vice President.
In California, Governor Arnold Schwarzenegger helped break ground on a solar panel plant built with a half billion dollars in federal loans.
"Because in these tough times what we need is jobs, jobs, jobs," said Governor Schwarzenegger.
But economists say the stimulus return so far has been modest at best.
"So far the only improvement in the job market is that we're seeing fewer lay-offs in manufacturing, largely because of what's going on in the vehicle sector and in housing because the level of construction is low," said economist Mark Zandi with Moody?s Economy.com
The number of unemployed Americans now stands at 14.9 million leaving many knocking on doors that just won't open.
"Since October i've probably put in probably close to 80 resumes and applications with very little response," said unemployed worker Roland Hall.
While the Obama Administration is predicting a turnaround will begin by early next year, some economists say another stimulus will be needed to keep it moving.
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