Records Broken

Not good ones, either.

Five states posted jobless rates above 12% in August, according to federal data released Friday.

California, Nevada and Rhode Island each hit record-high rates, the Labor Department said.

Michigan led the nation in unemployment, with a rate of 15.2%, while Nevada was next at 13.2% and Rhode Island was third at 12.8%. California and Oregon were tied for the fourth spot, each with unemployment at 12.2%.

This is in addition to the widely ignored weekly figures that show that there are a huge number of people still filing initial jobless claims – and a huge number running out of benefits:

In the week ending Sept. 12, the advance figure for seasonally adjusted initial claims was 545,000, a decrease of 12,000 from the previous week’s revised figure of 557,000. The 4-week moving average was 563,000, a decrease of 8,750 from the previous week’s revised average of 571,750.

The advance seasonally adjusted insured unemployment rate was 4.7 percent for the week ending Sept. 5, an increase of 0.1 percentage point from the prior week’s unrevised rate of 4.6 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Sept. 5 was 6,230,000, an increase of 129,000 from the preceding week’s revised level of 6,101,000. The 4-week moving average was 6,180,250, a decrease of 5,500 from the preceding week’s revised average of 6,185,750.

The fiscal year-to-date average for seasonally adjusted insured unemployment for all programs is 5.636 million.

The spin right now from the Federal government and their water-carriers in the media is that the recession is over.

Does that look over to you?

Or do they mean “over” in the sense that the recession has degenerated into depression territory?