November 22, 2009
What's Inside:
Jobless rate highest since 1983
WASHINGTON — The unemployment rate has surpassed 10 percent for the first time since 1983 — and is likely to go higher.
Nearly 16 million people can’t find jobs even though the worst recession since the Great Depression has apparently ended. Many economists worry that persistently high unemployment could undermine the recovery by restraining consumer spending, which accounts for 70 percent of the economy.
The Labor Department said Friday that jobless rate rose to 10.2 percent, the highest since April 1983, from 9.8 percent in September. The economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September, but more than economists expected.
The jump in the jobless rate reflects a sharp increase in the tally of unemployed Americans, which rose to 15.7 million from 15.1 million. The net loss of jobs occurred across most industries, from manufacturing and construction to retail and financial. That tally is based on a separate survey of businesses.
Economists say the unemployment rate could climb as high as 10.5 percent next year because employers remain reluctant to hire.
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.
“It’s not a good report,” said Dan Greenhaus, chief economic strategist for New York-based investment firm Miller Tabak & Co. “What we’re seeing is a validation of the idea that a jobless recovery is perfectly on track.”
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.
“You need explosive growth to take the unemployment rate down,” Greenhaus said in an interview Thursday.
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All together now on three...gosh darn that George Bush!!!
There it is...
"Jobless recovery."
I'm going to collect my winnings now.
"Likely to climb higher next year?"
Likely? That's the word they chose to use? Likely?
MORONS - YOU WERE TOLD THIS WAS THE CASE OVER A YEAR AGO. Quit acting stupid and man up to your child-like policies - you can't convince and educated people that this is a surprise to you - things are going just as planned.
Jerks should be drawn and quartered in a public venue.
All this unemployment and you can't find anyone to work, just try to hire sombody and you will find out
Where are all the chuckleheads that like to blame Bush?
Wait a minute. I thought that the great one told us that we needed to hurry up and pass that stimulus POS so that the unemployment rate wouldn't go above 8%.
I say stop spending the stimulus that is clearly not having its intended affect no matter how much the administration dummies the numbers.
It is entirely possible that Barry/Harry/Nancy policies are preventing job creation. Small businesses are scared of the effects of the liberal policies that these nuts are forcing down our throats.
LoD, be careful what you wish for. You could be the first in line.
In response to Hazlet, I have over twenty years of professional work experience, a multitude of recommendations, a bachelor's degree, and am currently working on my MBA in order to bolster and improve my current knowledge level and experience. I have been looking for a job for fourteen months since my last company went bankrupt. Out of over 175 resumes submitted, I have gotten five responses and two whole interviews. I am available immediately. Are you hiring? I am very ready to work. I await your response.
Hazlet,
You won't be able to find workers for a while longer either, since the Fed is going to extend the unemployment benefits.
yougottabekiddingme:
“It is entirely possible that Barry/Harry/Nancy policies are preventing job creation. Small businesses are scared of the effects of the liberal policies that these nuts are forcing down our throats.”
It’s not just possible – it is fact. I was in the late planning stages of expanding one of my businesses - then put it on hold until I could see what these Socialists were going to do and/or try to do.
Yeah..I saw Dear Leaders speech. He pointed out (again) what bad shape we were in when he took over and how he has stemmed the economic disaster and actually shown growth last quarter and saved and created thousands of jobs with the Stimulus. But lamented the fact that we are still losing jobs at an alarming rate, but not as many.
First...you pumped up the numbers with cash for clunkers, essentially buying Toyotas and Hondas for everyone with our money.What are you going to do this quarter? Buy everyone TVs?
Secondly..the reason unemployment has slowed any at all is because there are only so many jobs you can lose.If we still had the jobs we had a year ago, unemployment numbers would be doubling every month.Throw people a bone and extend unemployment, and then when that is up..extend it again to a million more unemployed.Everyone will be happy and you can dazzle us with more phony numbers.
The phony stimulus package (see, its a package, not real money) is being used for everything but American jobs. GM is going to use some to pay off debt for Opel, the European car brand they have.IN EUROPE! There is a tiff about that from the Europeans, and it is said they are going to talk to the owner of GM...Barack Obama.
And a bright spot surfaced in Texas. A huge wind farm is going to be constructed with 350 million of stimuli. Terrific!! What a boost to..the Chinese company making them, and the 3,000 jobs created for..well..2,900 Chinese?