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August 1, 2008
Posted: 04:55 PM ET
FROM CNN's Jack Cafferty: More bad news about the economy as the nation's unemployment rate rose to a 4-year high of 5.7% percent last month. Employers cut another 51,000 jobs in July, making it the 7th straight month of declines. The Labor Department reports that 463,000 jobs have been lost this year. And, this doesn't even tell the whole story, because the unemployment rate doesn't include those who have become discouraged looking for a job or those who took part-time work when they really want to be working full-time. If you count the unemployed and underemployed, the rate jumps to 10.3%. Another troubling sign is it's taking the unemployed longer to find new jobs. Some of the hardest-hit industries include those affected most by the housing, credit and financial crises – like construction and manufacturing. It comes as no surprise then that a new CNN/Opinion Research Corporation poll shows Americans are downright disgusted with where this country is headed... only 24% think we're on the right track. That's the lowest number since 1980. Only four presidents have seen this number drop below 30% while in office – Richard Nixon, Gerald Ford, Jimmy Carter and the first President Bush. In each case, their party lost the White House in the next election. Not exactly a good sign for John McCain and the Republicans. Here’s my question to you: What will the country's sour mood mean for the election? Interested to know which ones made it on air?
Barry writes: Angelena from Albany, New York writes: Frank writes: Brian writes: Steve from Tennessee writes: Yolande writes: Sarge from Indianapolis writes: Filed under: 2008 Election Unemployment / Economy
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Jack Cafferty sounds off hourly on the Situation Room on the stories crossing his radar. Now, you can check in with Jack online to see what he's thinking and weigh in with your own comments online and on TV. Send your comments on the "Cafferty File". Jack's Book
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