Jobless Rate Climbs to 9.8 Percent in September

Discussion in 'Economy' started by WillowTree, Oct 2, 2009.

  1. WillowTree
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    WillowTree Diamond Member

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    The unemployment rate rose to 9.8 percent in September as employers cut far more jobs than expected, evidence that the longest recession since the 1930s is still inflicting widespread pain.

    The official jobless rate stopped short of topping 10 percent only because the Labor Department doesn't count people who have given up looking for work or settled for part-time jobs.

    More than a half-million unemployed people gave up looking for work last month. If laid-off workers who have settled for part-time work or have given up looking for new jobs are included, the unemployment rate rose to 17 percent, the highest on records dating from 1994.

    The Labor Department said Friday that the economy lost a net total of 263,000 jobs last month, up from a downwardly revised 201,000 in August. That's above Wall Street economists' expectations of 180,000 job losses, according to a survey by Thomson Reuters.











    17% is devastating.










    Jobless Rate Climbs to 9.8 Percent in September - Political News - FOXNews.com
     
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  2. DiamondDave
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    DiamondDave Army Vet

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    But just think of how many jobs Obama SAVED with his divine awesomeness :rolleyes:
     
  3. DavidS
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    DavidS Anti-Tea Party Member

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    Yeah, remember when we were losing almost 800,000 jobs a month??
     
  4. Navy1960
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    Navy1960 Senior Member

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    "I believe that legislation of this enormous magnitude, that by necessity we are moving quickly -- we're not moving quickly because we're trying to jamb something down people's throats. We're moving quickly because we're told that if we don't move quickly, that the economy is going keep on getting worse, and we'll have another 2 or 3 or 4 million jobs loss this year." Barack Obama on the Stimulus 2/09

    "This plan will save or create over three million jobs -- almost all of them in the private sector." Barack Obama

    "The recovery act has played a significant role in changing the trajectory of our economy, and changing the conversation in this country," Biden said. "Instead of talking about the beginning of a depression, we are talking about the end of a recession." Joe Biden

    “In the first 77 days of the two-year Recovery Act program, 150,000 jobs have been created or saved,” Joe Biden

    In the last several months you have had a White House and congress fully engaged in a Healthcare debate at the expense of national security, the economy, and several other vital functions the Govt. should be addressing. Each time the jobless rate climbs and the concentration on healthcare reform seems to center around tax increases on the middle class, you know them they are the one's that are for the most part in that 9.8% number it makes you wonder just when exactly will congress get around to addressing the needs to the people that actually elect them to the offices they hold rather than the people on K Street who they seem to be representing.
     
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  5. eagleseven
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    eagleseven Quod Erat Demonstrandum

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    1. Economies naturally recover from recession without government intervention, as the unemployed find new ways to create value. It's known as the "business cycle" and has nothing to do with the government.

    2. Obama promised that unemployment wouldn't surpass 9% if the Stimulus passed.


    Stimulus = Fail
     
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  6. Shooterman
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    Shooterman Rookie

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    :clap2:

    Bam Bam promised a lot of things. Any that bring them up, though, must be racists.
     
  7. Xenophon
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    Xenophon Gone and forgotten

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    Barry:

    Yes we can!

    Reality:

    No you can't!
     
  8. JakeStarkey
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    JakeStarkey Diamond Member Supporting Member

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    Yes, he has.

    The economy is in far better shape than it was last December during the final gasps of the rightotid administration. Jobs are always a market lagger, but most of the other indicators that are market leaders are showing progress.

    Sorry, confools, you have been conned and fooled again.
     
  9. eagleseven
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    eagleseven Quod Erat Demonstrandum

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    [ame=http://www.youtube.com/watch?v=TV_s6Vz1utA]YouTube - the country's in the very best of hands[/ame]
     
  10. Navy1960
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    Navy1960 Senior Member

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    10:57am: New orders fall unexpectedly by 0.8% in August, marking the first decrease since March.

    GDP: -1%
    Inflation: -1.5%
    Unemployment: 9.7%
    Markets: 18.3%
    Interest rate: 0% to 0.25%

    Overall industry sales came in at 745,997 vehicles in September according to sales tracker Autodata, down 23% from a year ago. That makes it the worst month since February in what has been a terrible year for auto sales, even with the four-week lift the industry received from the Clunkers program...


    Oct. 1 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said U.S. economic growth next year probably won’t be strong enough to “substantially” bring down the jobless rate, which may remain above 9 percent at the end of 2010.

    NEW YORK/FRANKFURT, Sept 30 (Reuters) - Activity at U.S. factories in the nation's heartland slowed in September, suggesting the road back to economic health will be rocky, but business picked up in China, boosting hopes that Asia will lead a global recovery.

    GLOBAL ECONOMY-U.S. manufacturing weak, Asian factories busier - Forbes.com


    So tell me again how well the Stimulus is working? It's working because, only 300K people got lost their jobs rather than 400K? Or is it because we have saved the turtles from being smashed on some highway in Fl. Or perhaps, it's because the signs that are printed that proclaim this is a Stimulus project have perhaps saved 5 or 6 jobs at the sign printing company? While it's true that generally generally employment generally lags other indicators, the Stimulus was sold as a jobs bill or do you not recall this Administration proclaiming that it must be passed in order to keep unemployment from topping 8%?

    "As I made clear at the time it was passed, the Recovery Act was not designed to work in four months -- it was designed to work over two years," Obama said, adding later that: "This is a plan that will also accelerate greatly throughout the summer and the fall" Washington Post

    "I will sign this legislation into law shortly, and we'll begin making the immediate investments necessary to put people back to work," Barack Obama Reuters 2/2009

    "I believe that legislation of this enormous magnitude, that by necessity we are moving quickly -- we're not moving quickly because we're trying to jamb something down people's throats. We're moving quickly because we're told that if we don't move quickly, that the economy is going keep on getting worse, and we'll have another 2 or 3 or 4 million jobs loss this year."
    Washington Post 2/2009

    Given how the bill was presented and the current economic situation, this bill is an abject failure and the nation would be much better off if the money that has not been spent yet has been redirected into reducing the deficit.
     

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