In the latest episode of “Recovery Summer”, weekly jobless claims have hit 500,000 according to the Department of Labor’s Employment Training Administration. This is an increase of 12,000 new jobless claims from the previous week.
The Obama administration touted that the “Recovery Summer” would be the biggest season of “recovery” seen yet. With the summer season drawing to a close, the “Recovery Summer” has been anything but.
If we examine the number of jobless claims historically, we see the following summer trend:
- First week of May 2010: 444,000 jobless claims
- First week of June 2010: 453,000 jobless claims
- First week of July 2010: 472,000 jobless claims
Clearly, the “Recovery Summer” has been a failure on all levels.
Read more on the “Recovery Summer”
