The Labor Department continued to depress Americans with Friday’s announcement – the unemployment rate rose to 9.2% in June. This morning’s numbers showed unemployment on a constant tick upward, increasing from 9.1% in the previous month, to the highest level since December.
The economy added 18,000 jobs in June, stunning a market that was expecting a much larger six-figure jobs gain.
All Americans are feeling the economic pain. Latinos are facing a slightly higher unemployment, with an estimated 11.6 % rate of unemployment.
MarketWatch said “The slowdown comes as a surprise to economists who prior to the report expected a pickup in growth in the second half of the year. Federal Reserve officials had recently forecast a 3.5% growth rate over the next 18 months.” The report fueled concerned about a double-dip recession.
The entire GOP field of presidential hopefuls chimed in with statements and tweets: FOX NEWS: 2012 GOP Candidates’ Reaction to Latest Unemployment Number
President Obama was quick to call for an increase in the debt ceiling to fix the economy. Politico reported that the President said reaching an agreement to extend the debt ceiling would achieve significant deficit reduction, “the sooner we will give our businesses the certainty they will need” to make additional investments and speed the economic recovery.
Recently the Hispanic groups have questioned President Obama’s commitment of small business with one group launching an online campaign “I Am Not A Jet Owner.” The Washington Examiner reports:
The Hispanic Leadership Fund‘s website argues that ending the tax breaks implemented by President George W. Bush will hurt small businesses, and raps the president for criticizing jet owners – highlighting that 600 private jets flew to Obama’s inauguration in January 2009.
“President Obama wants to fool people into believing that he only wants to tax the wealthy,” fund President Mario H. Lopez said. “But the truth is his proposed tax hike will hurt millions of small businesses who must claim business income on their personal tax forms.”