The U.S. Labor Department reported unemployment rose to 9.7 percent during the month of August from 9.4 percent, the highest unemployment rate in 26 years. “Nonfarm payroll employment continued to decline in August (-216,000),” the U.S. Bureau of Labor Statistics reported September 4, making a total of 6.9 million jobs lost in the recession since December 2007.
Item: The National Public Radio news blog, “The Two-Way,” reported on August 7: “The relatively good news that the unemployment rate dropped slightly to 9.4 percent in July had President Barack Obama claiming credit for his administration for stabilizing the economy.” The president was quoted saying, in part: “Today, we’re pointed in the right direction…. We’ve rescued our economy from catastrophe.”
The real number of unemployed in the United States is far more than the federal government’s official count and the recovery could be long and tenuous, a Federal Reserve official told the Chattanooga, Tennessee, Area Chamber of Commerce last week in a speech that received some media attention.
At a town hall meeting held in his Massachusetts district, House Financial Services Committee Chairman Barney Frank provided a surprising response to a constituent’s inquiry about H.R. 1207, Rep. Ron Paul's bill calling for an audit of the Federal Reserve.
The Federal Communications Commission is launching an investigation of the nation’s wireless industry to root out any anti-competitive practices and to decide what regulations should be imposed for the supposed benefit of consumers, Wired reported on August 27.