Solis Says 9.6% Unemployment Rate “Tells You...We're on the Right Path”This morning on CNBC, U.S. Department of Labor Secretary Hilda Solis said the fact that the U.S. unemployment rate was 9.6% in October 2010 (as opposed to 10.1% in October 2009) “tells you...we’re on the right path.” Contrary to her rhetoric, the facts show that the U.S. unemployment rate has been 9.5% or above for 15 consecutive months – the longest period since the Great Depression. The unemployment rate hasn’t fallen since spring – when hundreds of thousands of temporary government Census jobs were “created.” Sources: January 2009 Romer/Bernstein Report and actual U.S. Department of Labor data. |