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WASHINGTON - The nation's unemployment rate shot up to 6.4 percent in June, the highest in more than nine years, in an economic slump that has cost nearly a million jobs in the last three months.
Businesses slashed 30,000 jobs just last month, with cuts heavily concentrated on factory assembly lines, the Labor Department (news - web sites) reported Thursday.
Last month's 6.4 percent rate — the highest since the aftershocks of the September 11, 2001 terror attacks — was up 0.3 percentage point from May. That surprised analysts who had predicted a slight rise to 6.2 percent. The last time the rate was higher was in April 1994.
While recent economic indicators point to an economy struggling toward recovery, the latest report demonstrated that America's job market was still very much in a state of recession last
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Everyone say "Thank you GWB!"
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"It's a shame that so many Americans still can't find jobs, and it's a shame that President Bush doesn't have a clue about how to make things better," said North Carolina Sen. John Edwards (news, bio, voting record), a candidate for the White House. "It's clear that the president's tax cuts for the wealthy are failing the rest of the country."
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Sen. Bob Graham (news, bio, voting record) of Florida, another presidential hopeful, said the jobless rate is "further evidence that Bushonomics has failed America." One of his rivals, former Vermont Gov. Howard Dean, said the numbers show "America's working families are under siege — by the Bush administration and by the worsening economy."
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"That's not a good record," said the Connecticut senator. "We've got to go back to what worked during the Clinton-Gore years — fiscal responsibility, investments in education innovations, tax cuts for business to create growth."
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- Lieberman
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"George Bush is well on his way to becoming the first president since Herbert Hoover to lead the country to fewer jobs," said Sen. John Kerry of Massachusetts, comparing the loss of more than 2 million jobs under Bush to the Republican U.S. president who presided over the 1929 stock market crash and onset of the Great Depression.
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Former Vermont Gov. Howard Dean also used the Hoover analogy and said Bush was giving tax cuts to the wealthy while proposing to cut overtime pay for millions of workers.
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the above are quote i took from diff articles.
the news is definately not good, a 6.4% unemployment and rising.
sure hope that 6.4% votes for the dem candidate (bad humor).
the tax cuts were supposed to trickle down, and i dont see that happening. more and more people are getting cut everyday.
i just dont think this guy knows what he is doing