Posted on 11/06/2009 8:04:30 AM PST by NormsRevenge
WASHINGTON (AFP) – The US unemployment rate jumped to 10.2 percent in October as 190,000 jobs were shed, the government said Friday in data highlighting ongoing struggles of an economy emerging from recession.
The Labor Department report, seen as one of the best indicators of economic momentum, showed a rise in the jobless rate, up from 9.8 percent in September, to the highest since 1983. But the number of jobs lost narrowed to the lowest level in over a year.
The jobless rate shot above the key 10 percent barrier for the first time since June 1983, even though the agency revised down the number of job cuts in the prior two months.
"The employment numbers themselves when you look at the revisions weren't all that bad, but the headline of 10 percent was huge psychologically," said Robert MacIntosh, economist at Eaton Vance.
MacIntosh said that if current trends continue, the economy could see job gains in January or February but that unemployment may rise with labor force and population growth.
"This means a slower, more frustrating economic recovery," he said.
Overall, the monthly report was worse than expectations for a 10 percent jobless rate and 175,000 job losses despite the improving trend with the downward revision of job losses in August and September.
Nonfarm payrolls fell by 219,000 in September (instead of the prior estimate of 263,000) and by 154,000 in August (revised from 201,000).
The number of unemployed persons increased to 15.7 million. Since the start of the recession in December 2007, the number of unemployed has risen by 8.2 million, and the unemployment rate has grown by 5.3 percentage points, the Labor Department said.
(Excerpt) Read more at news.yahoo.com ...
No, no, it’s okay, we can recover without jobs.[sarc]
Hmm. The real jobless rate is more likely about 20%, if you include people who have given up looking.
But this is a big number, nonetheless, and it should continue to damage Obama, no matter how he tries to blame it all on Bush.
I was going to say we should alert Drudge to this, but I see he already has it in a big red headline. Drudge has been absolutely great this past year at getting out the word the MSM refuses to cover.
wait until next month when all those who lost unemployment are back on the rolls. Some States got up to 90 weeks added.
At the rate we are losing jobs, the official unemployment rate will exceed 20% by May 1, 2010.
By the middle of next year, 10% unemployment will look good.
If you think the collectivists care, you’re wrong.
A starving population is a servile population. People are more dependent every day.
Absolutely correct! The only concern the collectivists have is can they do enough damage fast enough to create the dependency required to retain control of Congress in 2010. I'll bet the "relief" legislation has already been written and ready to spring when unemployment reaches some magic number.
They are reporting 190,000.
558,000 lost jobs.
Smoke in the mirror con games which play on the "the People" “hear in the now” fickleness. Most Dems as well as some Rebubs are thinking and acting strictly out of politics.
Never mind the fact that all these games affect lives as well as future generations and always blow up in the deficit loving, good intentions, short sided politician elected by people who stick their finger in the air when election time rolls in. Majority of "the People" lack fundamentals so we get corrupt public servants.
Yes! We are coming out of recession but its those damn greedy, capitalist, anti-Obama, pro-Republican evil businesses (did I get adjectives in there?) that simply refuse to hire people.
Bammy is doing wonders for the economy. “Change” is what we’re gonna have left in our non-existent banks when he’s through.
If you think these numbers are not manipulated for political benefit, explain why the number crept up a tnth of a point at a time, for months, until it stood at 9.9% just before the election, then jumped 4 tenths of a point just after the election, when the period monthly reports are dropping every period.
It’s a scam, just like the CPI.
where did you get the number 558,000
Ok, ok, ok, ok, ok.....THIS TIME, we’ve REALLY turned the corner. You betcha!
And our gutless, traitor media won’t press the issue like they would if Bush were still in office.
But Obama saved or created 10 Trillion new jobs! Happy Days are here again!
What I want to know is where are all the stories about the homeless ? When the uneployed rate was this high last time there were stories on the news every night about the homeless. And we had nothing like the number of Foreclosures and short sales. Where did they all go ?
But this is a big number, nonetheless, and it should continue to damage Obama, no matter how he tries to blame it all on Bush.
I was going to say we should alert Drudge to this, but I see he already has it in a big red headline. Drudge has been absolutely great this past year at getting out the word the MSM refuses to cover.
Just wait until the employer tax kicks in as of 1 Jan 2010 (if they pass Obamacare with it in there) - then you're gonna see some REAL unemployment numbers rise ...
http://www.marketwatch.com/story/gold-reaches-new-record-above-1100-2009-11-06?dist=news
By Nick Godt, MarketWatch
NEW YORK (MarketWatch) — Gold futures barreled to a new record high above $1,100 an ounce on Friday, as news that the U.S. unemployment rate topped 10.2% in October boosted expectations the Federal Reserve will keep interest rates near zero well into next year, pressuring the dollar.
That's easy to say when you aren't one of them.
Since the start of the recession in December 2007...
About 11 months after the Dem majority Congress was sworn in.
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.