Let's Cheer The Jobless Recovery!

Posted previously, Reality Check: Welcome To The New Bubble , Why The US Is Even More Trouble Than The Unemployment Rate Indicates and The Fudged US Unemployment Claim Numbers!

On CNN: Unemployment rate climbs again

• Job losses ebb, but unemployment up
  Unemployment jumps to a 26-year high of 9.7%, even as employers cut the smallest number of jobs since August 2008.
  By Chris Isidore, CNNMoney.com senior writer
  
  NEW YORK (CNNMoney.com) -- Employers trimmed fewer jobs in August than they did the prior month, but the unemployment rate jumped to a 26-year high, the government reported Friday.
  
  There was a net loss of 216,000 jobs in the month, according to the Labor Department. That was the fewest jobs lost since August 2008 and lower than a revised loss of 276,000 jobs in July. Economists surveyed by Briefing.com predicted a loss of 230,000 jobs in August.
  
  But even with the lower level of losses in August, 6.9 million jobs have been cut from payrolls since the start of 2008.
  
  The unemployment rate, which in July fell for the first time in 15 months, turned higher again, jumping to 9.7% from 9.4% in July. This is the highest the unemployment rate has been since June 1983. Economists forecast that the jobless rate hit 9.5% in August....

On CNN Market Wrap.. Stocks in pre-holiday rally'

• Employers cut less jobs in August than they have in months, but the unemployment rate still rose to a fresh 26-year high.
  
  "It's a good report that generally suggests more healing in the economy," said Jeff Kleintop, chief market strategist, LPL Financial. "But the market has been saturated with good news and is starting to show fatigue after the S&P 500 rallied 50%."

Good report? :p2

Yeah.. US stocks rally after unemployment data

• "The bulls let out a collective sigh of relief today, after the government's highly anticipated payrolls report wasn't as sour as expected," said Andrea Kramer at Schaeffer's Investment Research.
  "Against this backdrop, the bulls won the battle for the session, but the bears won the war for the first week in three."

Yea... let's cheer on for the 'jobless recovery!"

Here's a new video from Peter Schiff. It gives a much better perspective. Oh, he does reckon that US unemployment could hit 25%!