ECONOMY - NO GOOD - AT 9:17 A.M. ET:  Despite all the hype from the White House, reality is catching up with the Obama administration:

WASHINGTON (AP) -- The unemployment rate rose to 9.7 percent in August, the highest since June 1983, as employers eliminated a net total of 216,000 jobs.

Analysts expect businesses will be reluctant to hire until they are convinced the economy is on a firm path to recovery. Many private economists, and the Federal Reserve, expect the unemployment rate to top 10 percent by the end of this year.

While the jobless rate rose more than expected, the number of job cuts is less than July's upwardly revised total of 276,000 and the lowest in a year, according to Labor Department data released Friday. Economists expected the unemployment rate to rise to 9.5 percent from July's 9.4 percent and job reductions to total 225,000.

COMMENT:  I always love it when the in-the-tank media assures us that the number of jobs lost this month is less than last month.  You know: "I'm glad to report, Captain Smith, that the Titanic sank less this hour than the first hour."

A jobless recovery is no recovery.  And fear of unemployment is holding people back from spending. 

Now the president must, after the release of these figures, go before Congress next week and propose a trillion-dollar medical plan.  Chris Matthews may be looking hard for that tingle up his leg.

September 4, 2009