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Ear to the Ground

Jobless Rate Hits 14-Year High

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Posted on Nov 7, 2008
Unemployment
wfxl.com

So far this year, a staggering 1.2 million jobs have disappeared, half of them in the past three months alone.

As if to prevent surplus national exuberance over the electoral defeat of John McCain on Tuesday, the Labor Department announced that the country’s unemployment rate has hit a 14-year high of 6.5 percent, with 240,000 jobs lost in October as joblessness continues to increase in the face of economic turmoil.


Associated Press:

The nation’s unemployment rate bolted to a 14-year high of 6.5 percent in October as another 240,000 jobs were cut, far worse than economists expected and stark proof the economy is deteriorating at an alarmingly rapid pace.

The new snapshot, released Friday by the Labor Department, showed the crucial jobs market quickly eroding. The jobless rate zoomed to 6.5 percent in October from 6.1 percent in September, matching the rate in March 1994.

Unemployment has now surpassed the high seen after the last recession in 2001. The jobless rate peaked at 6.3 percent in June 2003.

October’s decline marked the 10th straight month of payroll reductions, and government revisions showed that job losses in August and September turned out to be much deeper. Employers cut 127,000 positions in August, compared with 73,000 previously reported. A whopping 284,000 jobs were axed in September, compared with the 159,000 jobs first reported.

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Purple Girl's avatar

By Purple Girl, November 8, 2008 at 5:23 am Link to this comment

I voted for Jen 2x’s, but have become annoyed with ‘all talk and no action’. Of course the Country has been run by those who have intentionally been Killing th emiddle class and Our State houses leave something to be desired as Real Advocates for the People (Corp Whores!)
Americans needed to see that line up of Economic advisors, But Michigan really neded to see Our Gov on center stage.
This not only made me happy our future Pres recognizes the importance of MI, but it also tells me Our Gov has been vindicated. It was not her who has kept this state perpetually in Recession (we Never really pulled out of the nose dive of the ‘70’s).
That Picture alone gives Hope back to Michiganders- we may have a chance to once agian be th ePower House which fuels this nations economy.
My spitefullness over the last 30 yrs makes me Dreamy about the days the mafia backed the Unions…Because Revenge would be soooo Sweet.
Revenge a Dish best served COLD!
Love Rahm’s ‘dead Fish ‘Story ,and his persona of ‘Brass Knuckle’ Enforcer. Ah Whats a lil’ Strong arming when it gets things done- esp ‘For the People and By the People’.‘Your Signature or your Brains will be on this Paper’ Neo Cons!

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By cyrena, November 7, 2008 at 6:53 pm Link to this comment

You’re right Big B. It’s been closer to 12% for a really long time. And, you’re right about the ways they’ve devised to make it seem like something different than what it is.

These ARE god damned lies and statistics. The real effort has been on not giving us any information at all. That’s what georgie’s response was the collapse, before he begged for $700 billion. He said, “Can’t we just tell them everything is fine?”

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By Big B, November 7, 2008 at 5:17 pm Link to this comment

Actually, many economists will tell you that the real unemployment rate is anywhere from 10-12%. Keep in mind that after a persons unemployment runs out, they are no longer counted, as are folks who did not qualify for unemployment, or people on welfare or disability.
The fed gov did not like the way numbers like the unemployment rate, the GDP, inflation, or consumer prices depressed people in the 1970’s, so they changed the way they counted them.

Again, there are lies, goddamn lies, and statistics.

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Blackspeare's avatar

By Blackspeare, November 7, 2008 at 3:20 pm Link to this comment

6.5% unemployment is no big deal——for most developed countries 10% is normal and is assuage with longer term unemployment benefits which BHO will certainly make one of his first things to put in play.

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lastdaywatchers's avatar

By lastdaywatchers, November 7, 2008 at 10:39 am Link to this comment

This article just shed more light of the 100% accuracy of the May 15th Prophecy

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