The inherent contradiction in the term "jobless recovery" continues to cast a shadow on overdue good economic news. The Dow Jones Industrial average closed above 10,000 Wednesday for the first time in more than a year. But the national unemployment rate of 9.8 percent in September was the highest in more than a quarter century.

As The Associated Press reported Thursday, though the economic recovery apparently has begun, it "is widely expected to be weak, particularly when it comes to employment."

And as The Wall Street Journal reported Thursday, about 30,000 jobs "have been directly created or saved by contractors who received money" from the $787 billion federal stimulus package that President Barack Obama signed into law eight months ago. That's far fewer than the 1 million jobs promised by the White House -- and not nearly enough to make a dent in those ominous unemployment figures.

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Filed under: * Economics, Politics • Economy • Labor/Labor Unions/Labor Market • The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- • The Fiscal Stimulus Package of 2009

1. Chris wrote: the state can neither save nor create jobs, it can only make the environment hospitable for the private sector to do so.  But none of the socialists in the Obama/Reid/Pelosi faction understand that, or they don’t care.  Either way, it’s :( October 16, 11:24 am | [comment link]

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