Jobless Rate Tops 10%

[clayinaustin]

Jobless rate tops 10% for first time 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. The Labor Department said Friday that the economy shed a net total of 190,000 jobs in October, less than the downwardly revised 219,000 lost in September. August job losses were also revised lower, to 154,000 from 201,000.

But the loss of jobs last month exceeded economists' estimates. It's the 22nd straight month the U.S. economy has shed jobs, the longest on records dating back 70 years.

 

[Chris]

Nothing like good news on a Friday to put some lift in the Dow.

 

[clayinaustin]

Unemployment rate hits 10.2%, worst since 1983

Unemployment rate hits 10.2%, worst since 1983

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%.

 

[clayinaustin]

It should be an interesting day...

Yahoo Finance

 

[Big Time]

Saw it...1 in 10 people don't have a job....crazy when you think about it.

 

[Sea-Dated]

But let's still focus on health care and not worry too much about creating jobs......

 

[OldSchool]

That sucks. I could have sworn that I heard on the news that the stimulus plan was going to reduce unemployment. What the heck happened??

 

[Chris]

Let's scare all the small-businesses/employers into holding off on new hires from the concern about huge increases in operating expenses and taxes.

 

[OldSchool]

It's all good!!!

AIG posts 2nd consecutive quarterly profit
AIG records 2nd straight quarterly profit, sees signs of stabilization
:cuss::cuss::cuss::cuss::cuss::cuss::cuss::cuss:

 

[Ted]

That sucks. I could have sworn that I heard on the news that the stimulus plan was going to reduce unemployment. What the heck happened??

Haven't you heard about all the jobs "Created and Saved" ??????? Goodness knows how bad it could be if we hadn't made all those great bailout moves. <sarcasm off>

 

[Ted]

Haven't you heard about all the jobs "Created and Saved" ??????? Goodness knows how bad it could be if we hadn't made all those great bailout moves. <sarcasm off>

Oh, maybe this explains it.....

http://www.sacbee.com/topstories/story/2309303.html

Hmmm, times 50 states and you could have some real flim flammin going on, huh?

 

[Chris]

Yeah- we "saved" 600K jobs and it only cost us $120,000.00 per job. What a deal.

 

[Tommy Gun]

Real Unemployment rate is more like 18%...

 

[Ted]

But let's still focus on health care and not worry too much about creating jobs......

They are working on other important things to "help" us too.

http://www.reuters.com/article/politicsNews/idUSTRE5A42WB20091105


Must be great policy when everyone from the other side boycotts it. Don't recall that happening when the R's had control.

 

[catastrophe]

:lurk5:

Wait for it...........

 

[Tommy Gun]

I thnik its great that the stimulus package saved all those teachers jobs...after all someone nees to teach our children. But isn't bailing out one profession blatant discrimination against the rest of us?

As far as I'm concerned the stimulus was just a bailout for the states...who should be fiscally responsible on their own. Gov't saving gov't jobs...great.

Why can't our elected officials get the f'ing message that we need smaller gov't and balanced budgets?

 

[Chris]

In all fairness, the present administration's failure to alter their focus from ramming in all of the social programs they've lusted for since the 70's isn't much different than the last administration's "asleep at the wheel" approach and blatant fiscal irresponsibility.

What's it going to take to wake the American public from their slumber and retrieve our country from the professional politicians and their co-conspirators?

 

[Tommy Gun]

What's it going to take to wake the American public from their slumber and retrieve our country from the professional politicians and their co-conspirators?

A far left liberal congress and President following a Republican administration spending spree...and a questionable war.

 

[OldSchool]

In all fairness, the present administration's failure to alter their focus from ramming in all of the social programs they've lusted for since the 70's isn't much different than the last administration's "asleep at the wheel" approach and blatant fiscal irresponsibility.

I 100% agree with you.

Politicians suck.....All of them! :cuss::cuss::cuss::cuss:

 

[LotoSteve]

In all fairness, the present administration's failure to alter their focus from ramming in all of the social programs they've lusted for since the 70's isn't much different than the last administration's "asleep at the wheel" approach and blatant fiscal irresponsibility.

What's it going to take to wake the American public from their slumber and retrieve our country from the professional politicians and their co-conspirators?

Hopefully the 2010 elections will wake them up.....