July 12, 2024

The unemployment rate jumped to 6.1 percent in August, its highest level in five years, as the erosion of the job market accelerated over the summer. Employers cut 84,000 jobs last month, more than economists had expected, and the Labor Department said that more jobs were lost in June and July than previously thought. So far, 605,000 jobs have disappeared since January.                       San Diego California real estate agents

5 thoughts on “Unemployment Rate Hits 6.1%

  1. OK People, for those too dopey to attend Freshman Economics: Since 2001, the Federal Government has created a deficit of $3 Trillion. We’ve devalued the dollar and borrowed money from China; thus creating an inflationary, recessionary economy. While interest rates were artificially low, people borrowed mortgage money at the going rate. Mr Berneke and his buddies created this situation and now they need to fix it. $25 Billion is only 2.5 months of budget for the Iraq war. Small potatoes.

    San Diego Real Estate Agent

  2. CA was the perfect state for the subprime mortgage mkt. When you have statistics that show less than 20% of the state can afford to buy a home and yet people were buying houses like nobody’s business there had to be some fancy math going on. They were reporting in 2006 that 80% of new mortgages were non-traditional variable rate/interest only loans because the only way to get people into these overpriced homes was to get creative. Never in our history had home prices skyrocketed like they had in the past 10 years and everyone wanted in on the gravy train, from the person selling his home, the realtor handling it, the banks wanted the bigger mortgages, to the people that thought they deserved an expensive home, to the banks allowing equity to soar so people could turn their homes into ATMs and the banks would get years of interest.

    San Diego Eye Specialist

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