Unemployment at 10.2%

Discussion in 'The Fire For Effect and Totally Politically Incorr' started by rentalguy1, Nov 6, 2009.

  1. rentalguy1

    rentalguy1 Former Guest

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    Bigger than expected, much faster than expected!

    http://www.foxnews.com/politics/2009/11/06/unemployment-rate-tops-percent-million-people-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.
  2. Trouble 45-70

    Trouble 45-70 New Member

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    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.
  3. ToolsForPros

    ToolsForPros New Member

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    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.
  4. Double D

    Double D Administrator Staff Member Supporting Member

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    I would guess its upwards of 15% if you include all that have exausted their benefits and those who havent filed and such.
  5. catfish83861

    catfish83861 New Member

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    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.:eek: catfish
  6. 40CalJoe

    40CalJoe New Member

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    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.
  7. dge479

    dge479 New Member

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

    Terry_P New Member

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    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.
  9. dge479

    dge479 New Member

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    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
  10. bcj1755

    bcj1755 New Member

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    Uh oh, you mean I'm not the only one that remembers him saying that?:eek::eek::D:p:rolleyes:
  11. Hells Toy Master

    Hells Toy Master New Member

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

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

    and of course the truth will shock many blind fallowers, should they ever open their eyes. :eek::eek::eek:
  12. Big ugly

    Big ugly New Member

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    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.
  13. pickenup

    pickenup Active Member

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    They voted for.......CHANGE.
    Here it is. :mad:
  14. bcj1755

    bcj1755 New Member

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    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:mad::mad::mad:
  15. PharmrJohn

    PharmrJohn New Member

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    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.
  16. Hells Toy Master

    Hells Toy Master New Member

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    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...:mad::mad:
  17. rentalguy1

    rentalguy1 Former Guest

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    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.
  18. Blackhawk Dave

    Blackhawk Dave New Member

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

    momo Former Guest

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    Well, I guess that stimulous package hasn't taken hold yet.:rolleyes: 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.:mad:
  20. Trouble 45-70

    Trouble 45-70 New Member

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    Like this bunch will do any of this.
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