Unemployment Rate Rises, Again...

And this is what many economists are passing off as "good" economic news. The U.S. unemployment rate rose in May to 9.4% (which is the highest it has been in over 25 years). This rise of a fraction of a percentage point represents 345,000 additional job cuts during the previous month, including 156,000 good paying factory jobs and 59,000 construction positions. I understand their point, from an abstract economic perspective, but these cuts impact real families and communities. Yes, the growth of job cuts was much smaller than in previous months, but pink slips lead to car notes not being able to be paid, defaults on home mortgages, unpaid medical bills, and extreme stress on families.

This is actually worse than the numbers indicate. If people who have grown so discouraged and given up looking for work (part of the government's definition of being unemployed is that you must be actively seeking employment) are counted, along with people currently working in a part-time capacity, the number is closer to 16.4% according to the Department of Labor. The Badger state has not been spared the knife. Unemployment rates in Wisconsin have risen each of the past seven months (from 4.7% in September of 2008 to 8.6% in April of 2009).