Jobless rate hits 10.2%, first time over 10% since '83




WASHINGTON (Reuters) — The unemployment rate hit 10.2% in October, surpassing 10% for the first time since 1983.
The Labor Department also said Friday that employers cut a deeper-than-expected 190,000 jobs in October. It revised job losses for August and September to show 91,000 fewer jobs lost than previously reported.

Analysts polled by Reuters had expected payrolls to drop 175,000 and the jobless rate to edge up to 9.9% from 9.8% in September.

The labor market is being watched for signs whether the economic recovery that started in the third quarter can be sustained without government support. The economy grew at a 3.5% annualized rate in the July-September period, probably ending the most painful U.S. recession in 70 years.

Payrolls have declined for 22 consecutive months now, throwing 7.3 million people out of work since December 2007, when the recession started

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

However, the pace of layoffs has slowed sharply from early this year, when nearly three-quarters of a million jobs were lost in January. In October, job losses were across almost all sectors, with education and health services and professional and business services bucking the trend.

Manufacturing employment fell 61,000 last month, while construction industries payrolls dropped 62,000.

The service-providing sector cut 61,000 workers in October and goods-producing industries slashed 129,000 positions. Education and health services added 45,000 jobs, while government employment was flat

http://www.usatoday.com/money/economy/2009...er_N.htm?csp=34


But hey, the stimulus saved 640K ghost jobs.



:<_<:

gonna need a taller chart

Not sure how I missed this thread.

Impeach the clown.

:lol:

What's funny is we were told last month that unemployment may hit 10+% NEXT year. Oh well, at least the recession is over - July.

Oh well, at least the recession is over - August

Oh well, at least the recession is over - September

Oh well, at least the recession is over - October

Oh well, at least the recession is over - November

There's no place like home, there's no place like home...

Apparently jobs aren't as important as corporate profits to the administration.

Employment always lags recovery. Guess that is hard for many to grasp.

I agree but show me an administration where they were

I don't think that's possible.

Yet, the majority of Americans believe someone in Washington DC cares. It's sad. Might as well pray to Jesus Christ or the Flying Spaghetti Monster.

we all grasp it, kopp...

the lols are for the prediction that the stimulus would stem the tide at 8%...followed by the equally confident update that we wouldn't top top 10% until next year...while being told that hundreds of thousands of jobs have been saved or created...by math so dubious the msm can no longer carry the water...

gettin' it now?

Government spending is what is "growing" the economy. Private income is down, and private industry is still shrinking.

Massive spending + an out of work populace + much lower tax revenues = holy shit ahead.

if we can simply keep spending $24K per clunker and give everyone not named rockefeller $6,500 to buy a house, we just might make it...

$230k per bogus job "saved or created" so far.

That's a fantastic ROI, isn't it?

http://www.weeklystandard.com/weblogs/TWSF...stimulus_jo.asp

youre letting them off easy...

before we get to assign a value to the jobs created or save, dont we have to factor in those not saved?

Let's not muddy the waters now. I'm just going by what Dear Leader tells me. He has no reason to obfuscate the truth, right?

still mischaracterizing with the best of them... :thumb:

The last defender of Obama Island. :lol:

reality bites...

Glad the stimulus passed. The unemployment rate could've been 15% without it......oh wait.....

:lol:

guy is ready to go down with the ship -- hope and change be damned!

I for one am glad the White House watered down the stimulus to the point of worthlessness to win three Republican votes. Bipartisanship is, after all, more important than passing bills that actually accomplish anything.

keep slinging it... it plays well with morons like jarhead and oak

http://www.nytimes.com/2009/11/06/opinion/06brooks.html?_r=1


Remember what I was discussing with you earlier about suburban independents?


You are a retard

yeah, it was the concessions to snowe and collins (all the good stuff) that mitigated the effectiveness of this bill...

Between November 2008 and April 2009 — amid the paralyzing fear that accompanied the collapse of prominent financial institutions like Lehman Brothers — the economy shed an average of 645,000 jobs a month. Between May and July, the pace dropped to an average monthly loss of 357,000 jobs. And over the last three reports, average monthly job losses have slipped to 188,000, after factoring in upward revisions to the data for August and September.

The number of temporary workers increased by 44,000 in October, adding to gains in the previous two months — an apparent sign that businesses have squeezed as much production as they can out of their existing workforces and feel the need to bring in more people.

“That goes the right way,” said Dean Baker, co-director of the Center for Economic and Policy Research in Washington. “That’s an encouraging sign.”

The hope is that as the economy expands, companies will use fresh profits to add to payrolls as they reach for increased sales. As workers spend their paychecks, they will create opportunities for other businesses, generating more jobs.

Some experts see this scenario unfolding now, asserting that the economy will add jobs by late winter.

“People are hurting, but if you can get past the sticker shock of the unemployment rate and look at the guts of the report, they are still very consistent with a recovery,” said Michael T. Darda, chief economist at the research and trading firm MKM Partners. “We’re getting very close to the peak unemployment rate.”

from your own op-ed:

This does not mean that independents are turning into Republicans. G.O.P. ratings are still in the toilet. But it does mean the Democrats have to fight to regain some of their most crucial supporters.

the economy is making it tough on all incumbents as people don't have alot of patience when it comes to too many people not working.

It's a big problem no doubt, but still a far cry from a grass roots movement to sweep out the Dems and sweep in a-holes like Bush and Cheney who helped create this mess in the first place.

:)

the white house and congress on settled on an amount that could be passed and would most definitely set Obama up for the most criticism from both sides - it's too much! it's too little!!!

meanwhile, morons like you like to forget how the nation was saved from the Great Depression II and is solidly on the road to recovery at this point.

now you can go back to your whining.

no doubt jobs is a lagging indicator, usta...and no doubt we're poised for recovery...

temp worker increase is historically a precursor...does that apply today? you're own leaders rightly tell you that we're in uncharted waters...does the fact that every month you read the word "unexpected" when reality meets economists' predictions give you any pause?

you piled on a mountain of debt, youre proposing tax increases now to start paying for healthcare in 3 years, and an energy policy that looks to increase the cost of doing business in the in the initial phases...your currency is devalued and inflation is predicted...

so what does ustaco, inc do now?

cyber-equivalent of sniffing your own fingers...

since when are temps something to brag about?

nothing is set in stone. this is still a very volatile time for everyone, even more so for the millions without jobs.

No doubt the powers that be need to tread carefully... which is why I am more glad now than ever before that McCain/Palin are not in the white house.

says the guy so easily offended by rational thinking and common sense.

now go on and tell us more about how Obama promised us everything would be fine when he took office.

your takeaway from all that was someone bragging????

I'm going to be honest, I don't pay much attention to anything you post.

truly thou art most gullible

:blink:

Government employment is up since the recession began.

Because the magical free market isn't hiring.

I'd rather work for the government than private sector.

so what?

I am. Can I get some stimulus money since I'm contributing to the "Recovery"?