Jobs Data Is Out Lefts Stocks But Jobless Rate Remains At 9.1%

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The number of people claiming new jobless benefits dropped last week, but the still-elevated level reflects a continued weakness in the U.S. labor market.

Initial jobless claims fell by 12,000 to a seasonally adjusted 409,000 in the week ended Aug. 27, the Labor Department said Thursday. Claims filed in the previous week were revised to 421,000 from an originally reported 417,000.

At 9.1%, unemployment is high, holding the economy to a listless pace two years after the recession ended. The Federal Reserve has cut its projection on economic growth into 2012 and expects joblessness to remain elevated at the end of next year.

As alot of people in the comment section are saying these and those are seasonally jobs it seems to me that the unemployment rate number and with this data report Obama is going to talk about it on his speech this weekend.

Any thoughts?

My thoughts - I've never seen "actual" unemployment statistics, I see cooked numbers to make the problem seem milder to the public.

Poverty is rampant. The middle class is an endangered species, and their numbers only account for those collecting benefits currently.

You can also take into consideration the vast number of high school graduates with no previous employment history that slip entirely under the radar. They graduate into a non-existant job market with little to no hope of landing anything worth the time. Usdebtclock.org estimates the actual number of unemployed to be at around 25 million, but that is most deffinately a low-ball figure. I believe you could probably double that number and still not be close to the actual devastating figure.