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GDP 3rd Quarter Up 3.5% But Unemployment Hits 10.2%
By: Steve Clemons   Friday, November 06, 2009 9:54 AM

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Today, the government announced a surge in the national unemployment figure of 10.2% -- which seriously underestimates the 'effective unemployment' rate of those who have stopped looking for work or who are undermployed

Leo Hindery issues these numbers regularly, and I will post them when I receive them.

But yesterday, Joe Biden mentioned during his talk at the Center for American Progress that 3rd quarter GDP growth was 3.5%.

With a surge in official unemployment -- we now see the handwriting on the wall of a jobless recovery.

When Obama was pushing Congress to pass the stimulus package, he said it was about jobs, jobs, jobs!

But the reality is that there is a profound level of job destruction in the country -- and the greatest number of jobs Obama and his economic team seem to have saved seem to be at Goldman Sachs and fellow traveling financial sector firms.

-- Steve Clemons


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