Now playing: Slate V, a video-only site from the world's leading online magazine. Visit Slate V at www.slatev.com.today's papersJobs Crush Recovery DreamsBy Daniel Politi
Posted Friday, July 3, 2009, at 6:51 AM ET
The Washington Post and New York Times lead with, while the Wall Street Journal banners, the unexpectedly grim unemployment numbers released yesterday. While the rate only increased slightly to a 26-year high of 9.5 percent, from 9.4 percent, the raw numbers led many to warn that economic recovery isn't on the horizon. The U.S. economy lost 467,000 jobs in June, marking the first time the monthly losses increased after they had been steadily shrinking from the January peak of 741,000. "There's nothing in here to show that the economy and the market are pulling out of the grip of recession," an economist tells the NYT. Stock markets around the world decreased, with the Dow Jones industrial average dropping 2.6 percent.The Los Angeles Times off-leads the unemployment numbers and leads with news that California's controller began printing IOUs. It marked the second time since the Great Depression that the state had to resort to such an unusual action to meet its obligations. The controller decided to state the obvious and said the IOUs "are a sign that the state is being fiscally mismanaged." Most of the IOUs are going to go taxpayers who are still owed income tax refunds, but many others,
including businesses and pensioners, will also be getting the check-like pieces of paper that have the words "registered warrant" emblazoned on them. Some banks say they will accept the IOUs, at least for the next few days. The NYT off-leads the move and says it "was seen as a warning flag to other states." To continue reading, click here.Daniel Politi writes "Today's Papers" for Slate. He can be reached at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it
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