A Jobless Report That Screams Spectacular Failure

Spectacular failure.  These words came to mind as the dismal employment data for June were released last Friday.  After the biggest spending binge in peacetime American history, the unemployment rate is stuck above 9%, while in May fewer than 20,000 jobs were created in what was once a vibrant U.S. economy.  Adding in discouraged workers drives the combined rate to 16.2%. Wage rates fell, as did the average workweek.