The unemployment rate jumped to 6.1 percent in August, its highest level in five years, pushing the troubles of American workers to the center of the political debate as the presidential campaign enters its final weeks.
For the eighth consecutive month, the nation’s employers shed jobs, 84,000 last month, the Bureau of Labor Statistics reported Friday. In all, 605,000 jobs have been lost since January. The steady rise in unemployment, from 5.7 percent in July and 5 percent in April, is one that many economists associate with recession.
from Socketsite
According to the latest report from the Mortgage Bankers Association, the pace of new U.S. home foreclosures "increased to 1.19 percent, rising above 1 percent for the first time in the survey's 29 years."
Tumbling home prices are making it difficult for even the most creditworthy owners with adjustable-rate mortgages to sell or get a new loan as their financing costs rise, said Jay Brinkmann, MBA's chief economist. Prime ARMs accounted for 23 percent of new foreclosures and subprime ARMs were 36 percent, he said.
"People chose the lowest payment option to get into some of the very expensive housing markets and now that prices are coming way down, they can't sell and they can't afford the higher payments," Brinkmann said in an interview.
Also noted, while the rate of new foreclosures on subprime loans rose from 4.06 percent to 4.7 percent over the past year, the rate of new foreclosures for prime ARMs jumped from 0.58 percent to 1.82 percent and "the share of seriously delinquent prime ARMs was 6.78 percent, rising from 2.02 percent a year ago."
What did John McCain say about this when he made his RNC speech? Nothing.
At least he is talking to the press, unlike Sarah Palin, who is hiding away.
The Republicans got us into this mess and that includes McCain, who voted with Bush 90 percent of the time.
YOu know, I see stuff like this and I think that McCain and the Republicans must think the people are easily conned.
