Unemployment hits a 26 year high, now at 10.2%

Discussion in 'Economy' started by Maple, Nov 6, 2009.

  1. Maple
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    Maple Senior Member

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    How's that hope and change workin out for ya??

    I know that Obama did not cause this, but he sure isn't doing much to fix it. More money from the no stimulus stimulus bill went to the Arts and Humanities than it did to small business which employs over 70% of Americans. He is an extreme left liberal along with Pelosi and Reid and they are no freinds of business.

    http://www.marketwatch.com/story/unemployment-rate-hits-102-in-october-2009-11-06-83100

    By Rex Nutting, MarketWatch
    WASHINGTON (MarketWatch) - The U.S. unemployment rate climbed to 10.2% in October, topping the 10% mark for the first time in 26 years, the Labor Department reported Friday.

    Nonfarm payrolls dropped by a seasonally adjusted 190,000 in October, bringing to total number of jobs lost in the recession to 7.3 million. It was the 22nd straight decline in payrolls. Large losses were seen in manufacturing, construction and retail. Health care and temporary-help agencies added jobs. Read the full government report.

    The report was worse than expected. Economists surveyed by MarketWatch were forecasting a rise in the unemployment rate to 10%, with 150,000 lost payroll jobs. See Economic Calendar.

    The seasonally adjusted unemployment rate of 10.2% was the highest since April 1983.

    Unemployment rose by 558,000 to 15.7 million, the government said. Of those, 5.6
     
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    Last edited: Nov 6, 2009
  2. Maple
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    Maple Senior Member

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    I think it would be wise to put more focus on this economic crisis than to spend all of their time pushing a white elephant down the throats of Americans on the so-called health care reform. Which in reality is just ANOTHER take over of 6% of our economy.

    It does not mean much to the person to have health care, but not to have a job, not to have a roof over your head, not to have food on the table, not to be able to support your family and children. Health care reform is a low, low priority as evidenced by the exit polls in Virginia and New Jersey. They want JOBS.

    Somehow this White House doesn't get it yet.
     
  3. Maple
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    Maple Senior Member

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    Any more of you regretting your vote now?????????????
     
  4. Neubarth
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    Neubarth At the Ballpark July 30th

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    Actually more like 22 to 23 percent.
     
  5. Maple
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    Maple Senior Member

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    And the White house spin is----- the stimulus is working, 650,000 jobs SAVED or created, the economy is improving, but we still have a ways to go. Anyone still believing that????????????

    Where's the improvement???????????? Where's the jobs??????????
     
  6. Maple
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    Maple Senior Member

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    Yes, when you consider the ones who are no longer counted because they have been booted off the unemployment role.
     
  7. Wry Catcher
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    Wry Catcher Platinum Member

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    Twenty six years ago, when last the unemplyment rate was over 10%, the diety of the right, sir ronald, had been in office for two years. Of course, then it was Carter's fault. Today, Obama has been in office for nine months, and the right blames Obama - not Boooooooooosh.
    Maple, total partisanship proves nothing, though manytimes it suggests hypocrisy.
     
  8. WillowTree
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    WillowTree Diamond Member

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    I have no regrets. I can proudly report I did not vote for hymn! :eusa_pray:
     
  9. Douger
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    Douger BANNED

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    What country are they referring to ?
    In the US of fallen Mpyre real numbers are probably in the high teens/low 20's
    Of course with a little more "change":eek: we can get that number to 30%
    Yes we can .Yes we can !:cuckoo:

    I suggest adding a passport to your bug out bag...............
     
  10. oldfart
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    oldfart Older than dirt

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    A little more detail on the BLS report and a commentary:

    Well the October BLS numbers are out and it's time for an update. They contain no sign of a turnaround in employment. Non-farm employment dropped 190,000 (estimates were 175,000) and the unemployment rate rose to 10.2% (estimates had been 9.9%). Unemployment reached 15.7 million, more than double the level in Dec 07. Labor force participation rates ramained at 65.1% and the ratio of workers to working age population declined again to 58.5% The official underemployment rate rose steeply from 17.0% to 17.5%.

    My favorite benchmark, the diffusion index of employment changes, continued to weaken, the 271 non-farm index falling from an adjusted 16.1 in September to 14.9 in October (the 83 industry index fell astonishingly from 4.9 to 3.6). This means that for every sector that added jobs there are six that lost jobs (1 to 15 in manufacturing!).

    Job loss is not as bad as it was earlier in the year, but a continuation of losses at that level would have been catasptrophic. There is no truly positive news here, things a only getting worse more slowly. This is a depression on the installment plan.

    If I were optimistic, I would predict GDP growth in the fourth quarter, technically ending the "recession" but continued net job losses at least until the middle of next year. My prediction of unemployment topping at 10.5% now appears on the low side and I would put the top at 10.5--11.0%. Employment reaching 2007 levels will not occur until 2013 and adjusting for population growth, we will not see an employment to population ratio in the range we are accustomed to until perhaps 2015 or even later.

    Jamie
     

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