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COFES Blog
Sep
4
Written by:
Russ Henke
9/4/2009 5:09 AM
The US Labor Department today reported 216,000 job cuts in August 2009, well below the revised July 2009 total of 276,000 jobs lost. August’s total was the lowest in a year.
Many economists credit the Obama administration's $787 billion economic stimulus package of tax cuts and spending increases, along with the Cash for Clunkers program, with contributing to the recovery. "The recovery act has played a significant role in changing the trajectory of our economy, and changing the conversation in this country," Vice President Biden said on September 03, 2009. "Instead of talking about the beginning of a depression, we are talking about the end of a recession."
The recession that began in December 2007 has now eliminated a net total of 6.9 million jobs. There remain 14.9 million Americans unemployed. The recovery still has a ways to go.
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