Jobless Rate Tops 10%

[clayinaustin]

Jobless rate tops 10% for first time since 1983 (http://news.yahoo.com/s/ap/20091106/ap_on_bi_go_ec_fi/us_economy)

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 (http://finance.yahoo.com/news/Unemployment-rate-hits-102-cnnm-1234085882.html;_ylt=Ard7pxPhkdrtOZytOnCUNWi7YWsA;_ylu=X3oDMTE1aThqZ2dwBHBv cwMyBHNlYwN0b3BTdG9yaWVzBHNsawN1bmVtcGxveW1lbnQ-?x=0&sec=topStories&pos=main&asset=&ccode=)

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... :eek:

Yahoo Finance (http://finance.yahoo.com/)

[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......:rolleyes:

[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......:rolleyes:


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.....

[clayinaustin]

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?

Many believe that it's already too late for the voters to "wake up". The majority have spoken, and they are the following...

A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.

[Chris]

But that has yet to be the case. The only thing that happened in this past election was a young, attractive, articulate black man ran. And those characteristics and those charachteristics alone brought many non-voters out to the polls. If you put Jesse Jackson or Al Sharpton in his spot and you'd have seen a McCain win. At the same time, Denzel Washington could have won by an even greater margin.

The reality is, we do not possess enough wealth to spread around to improve the lifestyles of the 150 million people that occupy the lower half of our socio-economic structure. Especially with the government spreading it around. A couple hundred here and a couple thousand there for any sized group quickly pushes us deep into the red. So now, the top 80% of that bottom half are in the same or worse shape that before this little social experiment started to unravel. So what happens? Nothing. They don't flock next time to vote for the idealistic evangelist. They stay home. And hopefully we get someone capable of picking up the pieces, dispensing the pain a softly as he can and righting the ship. Lsst time it was Ronald Reagan. I hope we get that lucky again in my lifetime.

Remember, Mao and Lenin were dealing with starving peasants. Our "poor" have cars, cell phones and cable TV. The best they've yet been able to muster up, revolution-wise, was to sign absentee ballot cards delivered to their doorstep.

[nortech4play]

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>

Job's "Created and or Saved" is such a B$ statement that there's no way to quantify the results... There was an article yesterday how eight (8) jobs were "Saved" at a shoe manufacture when the Stimulus money was used to buy eight (8) pairs of boots....LOL....it's a total "Barry Spin Job"...

As for employers waiting to see about increased Taxes and Operating Expenses before hiring, we are not only concerned about that but also the huge potential Medical Liability that will hit us if the Public Option is forced down our throats by the Congress and Administration... Were definitely in a hiring freeze and are just hoping that things start to open up on the construction side... Right now there isn't much happening that we can see or find...

[Magic Medicine]

How many out of that 10 people are unemployable? I would say at least a couple.

[MattBMiller]

It's hard to create jobs when companies liek the one I work at are getting tax breaks to send work offshore. Just had two Indians show up in our office to train. :mad:

[phragle]

How many out of that 10 people are unemployable? I would say at least a couple.

oversimplified its simple math... though it varies tremdously by region. 10% unemployment is 10 out of 100 or 1 in 10, now factor in those unreported (not eligible to recieve unemployment) couple with those who's benefits have expired, then ad to that those underemployed...

[Ted]

The article I referenced talks about that in Cali in particular. Hundreds of jobs "Saved" at a cost of $10,000 or less per job, which means it was never in jeopardy or is part time. But they have to put up the numbers because the gov't wants them. Thankfully there are signs that some businesses are simply moving ahead and figure they will deal with whatever comes up when it does. This week we have had 2 clients start up that have been sitting on their hands for months. And another that is under gov't control is desperately trying to fix things but is hampered still by the overseers (that have no experience in the field).

[VtSteve]

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?

I don't expect voters to get any smarter anytime soon. This decade, on both sides, (which is at least one too few in my opinion), has produced the most hypocrisy ever.

We had a Republican administration decrying the bad economy, and passing many laws designed to make executives accountable after the crap from Enron and Worldcom and many others hit the fan.

While spending like crazy, we had a Republican administration, and Republican Congress, tell us that the deficits didn't matter much, and that tax cuts were paving the way for a robust future of growth.

When people started to talk of a housing bubble, the pitfalls of using house as ATM machine, no doc paperwork, we were told not to worry. Bush lobbied (successfully) in 2004, for FHA loans to individuals with less than stellar credit, with limited or no down payments. Dems were delighted as well.

When many fiscal conservatives started to talk in 2005/2006 about a huge bubble meltdown, regulatory snafus and other problems, the debate was focused on more tax cuts, business and job growth. (the big winner was government, which grew to all time highs). Dems love big government as well.

Repoublicans and CEO's continued to whine about too harsh rules and regs put in place back in 2002, and they should be abolished to pave the way for more growth and jobs. Dems said they were good laws, and they are needed.

When things started to go South in 2007, and especially 2008, Republicans blamed Democrats for passing Bush's initiatives and giving him a blank check . Democrats had no idea how to run the Congress, so they went along with everything, including that which they campaigned against.

Bush was helpful, he said we had a little Speed Bump, and all would be well. Make My Tax Cuts permanent, all will be OK.

Republicans blamed the bad stock market, bank failures, lack of regulatory oversight on the Democratic Congress, which had been in control since 2007. Barney Franks name was dropped frequently, picked up, dropped again.

It was all Pelosi's fault, Reid's fault, Obama's fault. Republicans increasingly distanced themselves from iodiot Bush, so they could focus their anger on newly elected Obama.

Ultimate irony, it's late 2009, and the Dems are leading the charge to get rid of Sarbanes Oxley and all those nasty evil laws implemented in 2002, buy an administration that pushed for them, and later, wanted to repeal them.

About all we've accomplished this decade is building up a huge deficit, nearly bankrupting the entire nation, and creating a spectator sport of one-liners and blogs to feed partisan politics.

The Democrats have proven to be truly inept, something that they've proven from time to time over the past fifty years. The only thing Republicans have proven is that they can generally beat the inept Democrats at politics, regardless of the facts.

Voters have proven themselves to be completely ignorant and lack the requisite common sense to understand what a screw job they have received.


We even have the first black president, perceived by many to be the evil liberal leader they have always feared, ramp up an existing war, support less oversight at the corporate level, lose to liberal ideology in Congress, and get bogged down on economic issues that he is now being blamed for.

I expect the next ten years will be the same, so popcorn is in order, and lots of beer. :lurk5::banghead:

The only winners will be the likes of the Daily Koz, Rush and Fox News, the online and TV pundits, and of course, Wall Street firms. A great time to take a long vacation will be 2010 and 2012. It's pretty apparent that are choices will continue to be dumb and dumber.

[buck]

At first glance when I see a thread entitled "jobless rate" started by Clay for some reason my head was telling me "topless rate".

Needless to say I was a little disappointed by the thread content. :(

[Expensive Date]

Interesting chart which shows what level of unemployment was used during the bank stress tests.I am totally amazed that the market closed up today I thought it was going to be a 300 point down day the way it opened almost shorted glad I didn't.




http://3.bp.blogspot.com/_pMscxxELHEg/Skyy1YdbKLI/AAAAAAAAFuM/xLZF7MeY7LY/s1600-h/EmploymentStressJune2009.jpg

[Expensive Date]

After last weeks election in NJ were we elected a Republican Governor in a Democratic state I have come to the conclusion that the best thing that could have happened to this country was to elect Obama.Reason being the economy will not recover ever to the 2004-2005 era it was a lending boom not a strong growth economy.So let Obama get blamed for it. All the new voters that came out for Obama are already disappointed and will not vote in 2012 we will start to see a shift back in the 2010 elections.

[VtSteve]

Reason being the economy will not recover ever to the 2004-2005 era it was a lending boom not a strong growth economy.So let Obama get blamed for it. All the new voters that came out for Obama are already disappointed and will not vote in 2012 we will start to see a shift back in the 2010 elections.

It sure beats trying to run on your own merits doesn't it?

[Pete B]

I was reading this morning how Obama has been ****ing in the chinese wheaties when it comes to trade, seeing he owes the steel unions some favors, going to be intresting how this plays out. It may bring some work back to the states, but inflation is going to soar, and the dollar will not be worth anything.

[Tinkerer]

Didn't BO say it wouldn't go over 8 %.

How do you like the change.

[jayboat]

Didn't BO say it wouldn't go over 8 %.

How do you like the change.

Doubtful- but if it makes you feel better to think that way, have at it.

It's been no secret that unemployment was gonna get worse before it got better.

[tommymonza]

The only one we have to blame for this mess is ourselves.I believe most inteligent business people knew we were producing nothing other than debt the last 8 years. Everybody was living a lie of wealthyness on the assumption of large realestate earnings.Everybody had their fingers in it and as long as everybody was living the high life all was grand . Take away the high life and all that is left is a lot of finger pointing and blame accompanied by personal denials.

Things will never ever be like that again and the only positive thing we can hope for is the destruction of jobs and wealth to slow down and possibly stop. As far as growth you are dreaming if you think that is going to happen in this country in the next 20 years.

[phragle]

It doesn't take a rocket scientist to understand that if a basic fundamental of human existance apreciates at a rate much greater then man's ability to afford it, a major implosion is coming. If the price of housing grows faster than the ability to afford it, forsclosures and homelessness ensue, if the price of food skyrockets, people will go hungry (though it would do wonders for the epidemic of obesity). if oil shoots up 200-300 percent transportation becomes difficult. If unemployement skyrockets unabated, nobody can afford to buy things, and those with jobs are so afraid losing them they are afrad to spend money. Anything effecting the basics neccessities of existance will have a profound fallout effect on pretty much everything else. Hell I can figure all that out on my own and I have the IQ of the average pet rock.

[Expensive Date]

It sure beats trying to run on your own merits doesn't it?


Are we doing that again sorry did not know we switched back.I though people were still voting for who ever told them what they wanted to hear.:)

[phragle]

elections aren't based on knowledge or substance, they are based on emotions..get somebody to identify with you, then offer them hope, even with false hope, most men will do the most insane conter-productive things if hope is before them. It's the carrot infront of the horse leading him off the cliff.

[Ratickle]

Doubtful- but if it makes you feel better to think that way, have at it.

It's been no secret that unemployment was gonna get worse before it got better.

You're right. It was his stimulous advisors who put the graph out and he mentioned the graph in his speech pushing his stimulous package. At the time uno was 7.2% and they said it could go over 8% without the passage of the plan. It's an official doc I could link if anyone wants to read it.

Here are some interesting (almost sickening) graphs....

[Tinkerer]

Jayboat -- BO did say that it wouldn't go over 8% if we let him get stupid with the check book.