George W. Bush and his father share more than a last name. Reports show that August’s unemployment rate increased past the level initially forecast, rising to 6.1 percent. But even more disturbing is the fact that the misery index — unemployment aggregated with inflation — also soared to its highest level since 1991, when George H.W. Bush was in office.


Bloomberg:

The U.S. lost more jobs than forecast in August and the unemployment rate climbed to a five-year high of 6.1 percent, a sign that the economic slowdown is worsening two months before Americans elect their next president.

Payrolls fell by 84,000 in August, and revisions added another 58,000 to job losses for the prior two months, the Labor Department said today in Washington. The increase in the jobless rate sent the misery index, which adds unemployment to inflation, to 11.7 percent, the highest level since 1991.

Treasuries gained as some traders bet the Federal Reserve’s next move will be to cut interest rates, rather than raise them, and stocks sank. Today’s figures increase the risk that President George W. Bush will become the first president since Richard Nixon to oversee two recessions, and may hurt fellow Republican John McCain’s campaign to succeed him.

Read more

WAIT, BEFORE YOU GO…

If you're reading this, you probably already know that non-profit, independent journalism is under threat worldwide. Independent news sites are overshadowed by larger heavily funded mainstream media that inundate us with hype and noise that barely scratch the surface. We believe that our readers deserve to know the full story. Truthdig writers bravely dig beneath the headlines to give you thought-provoking, investigative reporting and analysis that tells you what’s really happening and who’s rolling up their sleeves to do something about it.

Like you, we believe a well-informed public that doesn’t have blind faith in the status quo can help change the world. Your contribution of as little as $5 monthly or $35 annually will make you a groundbreaking member and lays the foundation of our work.

SUPPORT TRUTHDIG