Posted on 11/06/2009 4:05:26 PM PST by La Enchiladita
WASHINGTON — Just when it was beginning to look a little better, the economy relapsed Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.
The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.
President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.
...The Labor Department, using a survey of company payrolls, said the economy shed 190,000 jobs in October. A separate survey of households found 558,000 more people were unemployed last month than in September. Some 15.7 million Americans are out of work.
...And the unemployment rate doesn't include people without jobs who have stopped looking, or those who have settled for part-time jobs. Counting those people, the unemployment rate would be 17.5 percent, the highest since at least 1994.
(Excerpt) Read more at google.com ...
Really, truly is sad. And the people most vulnerable, the people less able to withstand the shake down, gets nothing, and the BIG MONEY houses get millions and their CEO’s bonus checks. Taint right. Washington? Is there anyone with brains that understands we can’t afford bailing our the CEO’s?
The “recovery” will benefit Goldman Sachs and the rich. Property prices are low. Things are on sale. Life is good! LET THEM EAT CAKE!
They could, at least, hand out tubes of K-Y Jelly to the masses...
Hmmm... Labor department review of payrolls says 190,000. Survey of households says 558,000. Hmmm... Guess who doesn’t use ADP and the other big payroll processors and thus is “missed” by the Labor department? SMALL BUSINESS, the engine that creates most of the jobs in this country.
The Obamassiah is firmly destroying small business, and Labor department is explicitly hiding that fact.
Something tells me Jeannine ain’t gonna be workin at the ole AP too much longer with headlines like that.
The Dems are creating the scenario that they accuse Republicans of doing. They are going to make the rich richer and the poor poorer. Just watch.
Barring some major unexpected event, the stock market will continue to gain ground. Unemployment will continue to go up. How can that be? The public companies will gain business and profits at the expense of smaller companies who will go bankrupt. On the margin the tough economy hurts small business more. The larger companies will be buying out their weaker competition. Those companies will also be able to raise their prices while at the same time not raising wages. People will be so hungry for a job, they will go along. Profits for those companies will go up. The stock market will love it.
Capital will have no where else to go with investment money. No one will be starting new businesses, too risky. No one will be buying real estate, too risky. So where else do the rich invest their money? In the stock market.
The Democrats are presiding over not a jobless recovery but, rather, a job killing recovery. At least they will be trying to sell it as a recovery. The people won’t buy it.
Call it a ‘wreckovery’!
Yes, Obammie, we know you are struggling valiantly to undo the lasting damage done by GWB. We know it was worse than you could have imagined, otherwise the stimulus would have been for $2 trillion. We know it’s not your fault, oh noble leader.
Big Business, Big Labor, Big Government...
What could go wrong?
I know, I had to do a double-take when I looked at the headline and then the source.
A job killing recovery. That’s the scary thing: jobs that will never come back.
The BLS attempts to model the employment increases from new firms via the birth/death adjustment factor.
http://www.bls.gov/ces/cesbdqa.htm
There is significant controversy about the birth/death adjustment, however most is motivated by crackpot conspiracy theories which I know from past contacts with the BLS folks is pure baloney.
the Household survey does not have any issues picking up employment from new small businesses.
All my liberal friends kept saying we need to be more like Europe, Well now we are! Ten percent unemployment! Whoopie!
The peak of unemployment in 1982-1983 was 10.8%. So if the rate goes up by 0.7% it will be the worst since the Depression.
It’s long past 10 percent.
The stimulous is and was stolen money to pay bribes.
??? It never went past 8% since 1982.
Down the Crapper. That’s where.
I remember that downturn. It basically ran from 1979-83. Watching the news at the time you thought the world was coming to an end, at least for America. The Japanese were going to eventually own us all. Despite all the bad news and pressure from all over, President Reagan got the Congress to pass the Economic Recovery Act. It took a while for it to kick in, but when it did things got a lot better. At the time, cutting taxes as a means to improve the economy was far out crazy talk. However, it worked in the middle 20s and early 60s.
Currently, I don’t see anything being proposed that would match what was done then. I guess we are supposed to tough it out and let the economy naturally recover.
The stimulus was a tingle up my leg that turned into a solution in my hand.
"Shed". Those jobs have passed on. They are no more. They have ceased to be. They're stiff and bereft of life.
I wish the DC gang would stop insulting us.
Along with birth control pills. Because at my advanced age I,d sure as hell to turn up pregnant.
The rates were computed differently then. If they were computed the same way now, the current rate would be closer to 20%.
I agree for the insults are getting to be way too expensive.
Didn’t we have the same problem in 1981 when Reagan took over ? Eventually the economy recovered, jobs returned.
Unemployment is usually a LAGGING indicator. It should follow suit as the economy slowly expands.
Since Americans have a short memory, unless the Media reminds them of what those mean Republicans did, the rush of money into Democrat districts will get the Rats Reelected, bet on it.
It's not the news, it's who decides what news to report.
Reagan was able to get tax cuts and other useful policies through.
The Baraqqis are promoting Crap N Tax, Obamacare, card check, and higher taxes for the “rich” all of which scare the devil out of small business which creates most jobs.
They’ve used up all their stimulus ammo on government jobs, saving but not adding.
Mark Zandi from Moody’s predicted today unemployment would peak at 11 per cent and be 10.5 on election day 2010.
60%, according to this article, and small business is facing an unfriendlier than ever environment due to taxes, fees and regulations, esp. as "green-ness" becomes the new fascism.
What I see is, with socialized medicine and vanishing jobs which will never return, the resulting institutionalization of unemployment (benefits were just extended) and therefore, poverty. The impoverished will have nowhere to turn but to BIG GOVERNMENT.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.