Unemployment rate reaches 10.2%

[bourne1]

Unemployment hits 10.2%
The unemployment rate spiked to its highest level since 1983, much worse than expected as employers continue to trim jobs despite other signs of growth.


NEW YORK (CNNMoney.com) -- The nation's unemployment rate rose above 10% for the first time since 1983 in October, a much worse jump than expected as employers continued to trim jobs from payrolls.

The reading, reported by the government Friday, is a sign of the continued weakness in the labor market even though the economy grew in the third quarter following the longest and deepest downturn since the Great Depression.

The government reported Friday that unemployment rate spiked to 10.2%, up from 9.8% in September. It is the highest that this rate has been since April 1983. Economists had forecast an increase to 9.9%.

There was also a net loss of 190,000 jobs in October, according to the Labor Department, an improvement from a revised estimate of 219,000 job losses in September. However, economists surveyed by Briefing.com had forecast a loss of only 175,000 jobs in October. This was the 22nd straight month of job losses.

Government efforts to end job losses have had limited effects, although the Obama administration estimated last month that 640,000 jobs were created or saved by the federal stimulus package passed earlier this year. But that's modest compared to the 7.3 million jobs that have been lost by the economy since the start of 2008.

Friday's report comes one day after Congress voted overwhelmingly to extend unemployment benefits by up to 20 weeks. There are now a record 5.6 million people who have been unemployed for six months or longer, as the average time an unemployed person has been out of a job hit 26.9 weeks.

Prior to this report, most economists had believed that the unemployment rate would keep rising and that job losses would continue into next year. But the jump in unemployment in October took it to levels worse than what many previously had expected to be the peak.

According to a survey of top forecasters by the National Association of Business Economics last month, the consensus estimate among economists was that unemployment would hit a high of 10% in the final three months of this year and the first quarter of 2010.

The five economists with the most bearish forecasts had expected unemployment to rise to 10.2% in the fourth quarter of this year before hitting 10.5% in the first half of next year.



http://money.cnn.com/2009/11/06/news/economy/jobs_october/index.htm?postversion=2009110608
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It's a good thing we wasted billions of dollars on a stimulus that did nothing.

[gi joe]

Yep, that stimulus was a huge success. All those new nuke plants being built, all those new oil rigs pumping our own oil, that new electric grid being built, new coal mines opening up, new gas wells being drilled. I just don't understand it.
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In 230 years the federal government of this country has NEVER required the American people to purchase any consumer item or service. There's more of that change you can believe in. Happy?

[inforapeek]

I just don't understand it.

..how could you? It's all Bush' fault.

[robert]

[robert]

Can't wait to hear the Øbama lemmings explain how 650,000 jobs supposedly "saved or created" translates into 200,000 jobs lost in october by the labor dept and a .4 percent climb in unemployment which exceeded estimates. They can't because this confirms the Øbama job creation #'s were just more bs.
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"change you can step in"

[RLK]

Funny how the payroll taxes started to plummet just as soon as Obama won election.

That is when payrolls started to tank. Everyone saw socialism coming.

This graph puts to rest Obama's lie that "I inherited these deficits."

Obama owns this recession. He and the Dems were elected in 2006 to majorities in congress. Obama inherited his own handiwork in trying to strangle economic growth while Bush was in office. Kinda nice to see the economic suicide bomb go off on the most deserving party.
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This is the Hope era, folks. Idiocy and amateurism at its best.

[inforapeek]

Then, there's this:

Labor Force Statistics from the Current Population Survey


Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
1999 4.3 4.4 4.2 4.3 4.2 4.3 4.3 4.2 4.2 4.1 4.1 4.0
2000 4.0 4.1 4.0 3.8 4.0 4.0 4.0 4.1 3.9 3.9 3.9 3.9
2001 4.2 4.2 4.3 4.4 4.3 4.5 4.6 4.9 5.0 5.3 5.5 5.7
2002 5.7 5.7 5.7 5.9 5.8 5.8 5.8 5.7 5.7 5.7 5.9 6.0
2003 5.8 5.9 5.9 6.0 6.1 6.3 6.2 6.1 6.1 6.0 5.8 5.7
2004 5.7 5.6 5.8 5.6 5.6 5.6 5.5 5.4 5.4 5.5 5.4 5.4
2005 5.2 5.4 5.2 5.2 5.1 5.1 5.0 4.9 5.0 5.0 5.0 4.8
2006 4.7 4.8 4.7 4.7 4.7 4.6 4.7 4.7 4.5 4.4 4.5 4.4
2007 4.6 4.5 4.4 4.5 4.5 4.6 4.7 4.7 4.7 4.8 4.7 4.9
2008 4.9 4.8 5.1 5.0 5.5 5.6 5.8 6.2 6.2 6.6 6.8 7.2
2009 7.6 8.1 8.5 8.9 9.4 9.5 9.4 9.7 9.8 10.2






http://data.bls.gov/PDQ/servlet/SurveyOutputServlet?series_id=LNS14000000

[robert]

Imagine the job creation had there been tax cuts in the so-called 'stimulus.' This clown does the opposite, he's the enemy of free-markets. If it makes a profit then punish it and/or destroy it. And now with additional massive tax-hikes coming from a socialized h/c bill and possible cap and tax how are businesses incentivised to hire??
Another graph showing how his administration policies and projections are a fraud. 5 months later it's even worse.

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"change you can step in"

[inforapeek]

damn that Bush...

[Hearndon]

Unemployment reaches 10%.

Damn racist homophobes strike again!
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Socialist ideology is a particular danger that stems from the arrogance and hidden rage of those who, in order to climb up in the world, pretend to be frantic defenders of the helpless so as to have shoulders on which to stand."
-- José Martí

[Bad Boy]

Unemployment in Michigan averages 17%, some counties are way into the 20's Have a nice day

[bourne1]

Well look at that, fill a thread with facts and the liberals avoid it like the plague.

[gi joe]

maybe they are out counting saved jobs
_________________
In 230 years the federal government of this country has NEVER required the American people to purchase any consumer item or service. There's more of that change you can believe in. Happy?

[Mary S]

what do you expect liberals to say ? we all knew it was coming. I've read the thread. Do you all honestly think it would not have happened if McCain had been elected?

[gi joe]