Unemployment at 10.2%

[rentalguy1]

Bigger than expected, much faster than expected!

http://www.foxnews.com/politics/2009...ple-look-jobs/

Unemployment Rate Tops 10 Percent as 16 Million People Look for Jobs

The Labor Department says the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September.

WASHINGTON -- Nearly 16 million people can't find jobs, the Labor Department said Friday, pushing the unemployment rate over 10 percent for the first time since 1983.

The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.

But the loss of jobs last month exceeded economists' estimates. It's the 22nd straight month the U.S. economy has shed jobs, the longest on records dating back 70 years.

Counting those who have settled for part-time jobs or stopped looking for work, the unemployment rate would be 17.5 percent, the highest on records dating from 1994.

The jobless rate rose from 9.8 percent in September.

Friday's report is the first since the government said last week that the economy grew at a 3.5 percent annual rate in the July-September quarter, the strongest signal yet that the economy is rebounding. But that isn't fast enough to spur rapid hiring, raising the specter of a jobless recovery.

In addition, many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.

One sign of how hard it still is to find a job: the number of Americans who have been out of work for six months or longer rose to 5.6 million, a record. They comprise 35.6 percent of the unemployed population, matching a record set last month.

Congress sought to address the impact of long-term unemployment this week by approving legislation extending jobless benefits for the fourth time since the recession began. The bill would add 14 to 20 extra weeks of aid and is intended to prevent almost 2 million recipients from running out of unemployment insurance during the upcoming holiday season. President Barack Obama is expected to quickly sign the legislation.

The employment report showed that job losses remain widespread across many industries. Manufacturers eliminated a net total of 61,000 jobs, the most in four months. Construction shed 62,000 jobs, down slightly from the previous month.

Retailers, the financial sector and leisure and hospitality companies all continued to reduce payrolls.

But temporary employment grew by 33,700 jobs, after losing positions for months. That's a positive sign because employers are likely to add temporary workers before hiring permanent ones.

The Associated Press contributed to this report.

[Trouble 45-70]

The White House said last week that the Economy has turned around and things (?) are improving. I suppose that new jobs will start showing up right away now that we have turned the corner. So........., waiting.....waiting...........waiting............................ Please tell me the White House didn't lie to me..............They did???? Nooooooo.

[ToolsForPros]

Oh they lied to you. Just wait until all the people the fell off of unemployment and get to re-apply. More money down the gutter for the gutter.

[Double D]

I would guess its upwards of 15% if you include all that have exausted their benefits and those who havent filed and such.

[catfish83861]

Actually there double D I believe the jobless rate is even higher than the 17% that was previously stated. Many individuals who are working at part time or underemployed are not reported. Even more that have exhausted their benefits and are not on the unemployment rolls. No I don't personally believe that we have turned the corner and if we have we only found another brick wall in front of us. Now thats just my old country boys opinion. catfish

[40CalJoe]

These guys have no clue what to do. Their reaction is ALWAYS overtax business' and rich people. All that does is cause jobs to be lost because a business by its nature will protect its bottom line. Anyone work for a successful poor person?

Nice to see their trillion dollar spending spree netted a continued increase in job loss. Stock market will react in a negative to this news and it will start all over again. JUst at the wrong time of the year, when many retailers depend on holiday sales to produce the majority of their profit for the year.

[dge479]

This cannot be true, BHO said if we approve the Stim Pak we wont go over 8%

[Terry_P]

Remember how the earth stood still when it hit 5% under Bush it was just devistating and now at 10.2% it's a lagging indicator and could take time to improve. I believe that instead of the stupid stimulus payout to Baracks buddies if we had given small business half that amount in tax cuts we would have topped out at 8% and be improving now.

[dge479]

Ya know what else grinds my gears? that when Bush had it in the 4s they were the wrong kind of jobs.
The Media in this country is all but dead, really

[bcj1755]

Originally Posted by dge479

This cannot be true, BHO said if we approve the Stim Pak we wont go over 8%

Uh oh, you mean I'm not the only one that remembers him saying that?

[Hells Toy Master]

Originally Posted by bcj1755

Uh oh, you mean I'm not the only one that remembers him saying that?

LoL, yes since then my father and brother have bolth lost their jobs.

Of course revovery will be on the way as our God-King has dictated it and the world must obey.

and of course the truth will shock many blind fallowers, should they ever open their eyes.

[Big ugly]

I believe the unemployment rate is even higher than that. I was reading up on a couple of independant polls that took place in Dayton Ohio, Cleveland Ohio, and Indianapolis Indiana, and the totals were over 22% for those citys alone. Thats was not taking in consideration the commuters that lived out side the city limits.

[pickenup]

They voted for.......CHANGE.
Here it is.

[bcj1755]

Originally Posted by pickenup

They voted for.......CHANGE.
Here it is.

And their "hope and change" has left me with nothing but change in my pockets and the hope that I'll be able to at least keep that

[PharmrJohn]

Things will take a while to bounce back. Years. Plural. Look how long it took for things to get this bad.....it started back in 2006. This is going to be anything but overnight. Economic turnarounds don't happen on a dime.

[Hells Toy Master]

Originally Posted by PharmrJohn

Things will take a while to bounce back. Years. Plural. Look how long it took for things to get this bad.....it started back in 2006. This is going to be anything but overnight. Economic turnarounds don't happen on a dime.

Downturns happen fast.... recoverys take years, and sometimes decades....

*IF* capitolsim lives after this is over, it will take decades to recover to the point we were at before it all fell... at the very end of 2006.

If capotolism dies... then we will NEVER recover...

[rentalguy1]

keep telling yourselves that everything will get back to normal. I am being honest with myself, and stating that we are done as a nation. I am making preparations for such, too.

[Blackhawk Dave]

The 10.2% is the U3 number. Actual unemployment is the U6 number, nationally at 17.2%. Michigan, Ohio, well over 20%.

[momo]

Well, I guess that stimulous package hasn't taken hold yet. Or maybe we're just going down the wrong path, what we need are tax cuts for business and individuals, spending cuts by government at all levels, and for the feds to get the hell out of the market and let it do its job.

[Trouble 45-70]

Originally Posted by momo

Well, I guess that stimulous package hasn't taken hold yet. Or maybe we're just going down the wrong path, what we need are tax cuts for business and individuals, spending cuts by government at all levels, and for the feds to get the hell out of the market and let it do its job.

Like this bunch will do any of this.

[45nut]

Is that burning toast I smell?? Oh wait, it's the economy going down in flames. Wait until the banks increase the velocity of the 120% increase in the money supply hits and we have 45% interest on home mortgages and 60% interest on credit cards. Yeah, we're in recovery. More like an ICU room in Pakistan. Might as well get your SHTF kit ready.

[Terry_P]

With a $12 trillion plus national debt and climbing, with continued uncontrolled gov't spending I don't see recovery happening anytime soon. Interest rates have to increase and when that starts to happen the economy will be back/deeper in the tank. The only way to stimulate job growth is to stimulate small business and all this current iteration of a government wants to do is punish success and grow government so it isn't happening.

[Hardballer]

Reality. . . 22% unemployment!


Doom and Gloom. Reality Strikes. Creative Accounting at 1600 Pennsylvania Ave.
This from "The Automatic Earth"

The AP says; they (Obummer) lie, but the AP is very PC about it.

The Associated Press looked into the records of the jobs the stimulus, according to the administration, created and saved, and found some strange things are happening. Now AP depends for its survival on continued access to the White House, so it frames the conclusions of its research in politically correct and polite terminology. Anyone not constrained by such deliberations would conclude that the White House assertion of 640,000 jobs created or saved is fraudulent.

AP found, just to name an example, that of 14,506 jobs allegedly saved or created by just one federal agency, two-thirds (!) were not saved or created at all. They were counted because existing government employees got pay raises.

An unfortunate and isolated accident? No, it's not. The administration has even issued directives to count pay raises as saved jobs. AP:"The inflated job count is at least partly the product of the administration instructing local community agencies that received money to count the raises as jobs saved."

Most of the inflated figures were like those cited in the 935 saved jobs reported by the Southwest Georgia Community Action in Moultrie, Ga. The agency, like hundreds of others collecting Head Start money, claimed all its existing employees' jobs were saved because they received a pay raise with the stimulus cash.

Similar claims led to overstating by more than 9,300 the number of jobs saved with more than $323 million in stimulus money distributed by the Health and Human Services' Administration for Children and Families, the AP's review found. More than 250 other community agencies in the U.S. similarly reported saving jobs when using the money to give pay raises, pay for training and continuing education, extend employee work hours or buy equipment, according to their spending reports.

Unfortunate, yes. Incident or accident, no. Simply policy.

[..] at the local and state levels, journalists are being told that many jobs funded with "stimulus" money would not have been eliminated without it.

By now I am starting to wonder, as I’m sure you are (?!), how many jobs have actually really genuinely honestly been created or saved.

And at what cost.

A reminder:

* U3 consists of "Total unemployed, as a percent of the civilian labor force."

* U6 consists of


o U3
o + "Discouraged workers", or those who have stopped looking for work because current economic conditions make them believe that no work is available for them.
o + Other "marginally attached workers", or "loosely attached workers", or those who "would like" and are able to work, but have not looked for work recently.
o + Part time workers who want to work full time, but can't due to economic reasons.

So not only was the jobs report worse than expected, it was also worse than reported. And that is WITH all the government attempts included that seek to make things look better than they really are. The U-6 is at 17% (click here)but reality is above 22%(click here). Oh My!

But you've been elected president until January 2013. I can understand the re-election campaign taking over by early 2012, but why fake it now? You have a chance to make it right, and honest, but you instead choose to make it wrong and false, every single day, while those who voted for you increasingly suffer.

Have you no honor, sir?

Want to know more? Click here and here and here (this one posted July 6-09) and here (all the way from Oz)

[Big ugly]

Originally Posted by momo

Well, I guess that stimulous package hasn't taken hold yet. Or maybe we're just going down the wrong path, what we need are tax cuts for business and individuals, spending cuts by government at all levels, and for the feds to get the hell out of the market and let it do its job.

I agree with everything but te texcuts to the bsiness. What we need is more manufacturing jobs here in the US. Give the American worker what we had back in 98 and 99when there was more jobs.