Unemployment Hits 26-Year High 9.4%

Unemployment clocked in at 9.4% today, its highest level in 26 years. The silver lining, which I have no doubt the Obama media will seize upon, is that job losses of 345,000 were below expectations.

I don't think we should be too euphoric just yet. It's true that all business downturns come to an end (and with this being longer than most, we are hopefully near the end), but keep in mind what CEOs of the major companies in the U.S. (Microsoft, P&G, ...) have just recently said: more jobs are moving overseas if Obama's new tax proposal is passed.