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Ear to the Ground

U.S. Unemployment Edges Toward Double Digits

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Posted on Oct 2, 2009
Unemployment
wfxl.com

The U.S. unemployment rate is nearing double digits, with 263,000 jobs having been lost last month.

Economic news and pessimistic views: U.S. unemployment increased slightly to 9.8 percent and, moreover, this figure shows the crisis is far from over, experts say. Joblessness is at a 26-year high.

The Guardian:

American employers cut 263,000 jobs last month, pushing the US unemployment rate up to a 26-year high of 9.8%, in a worse-than-expected set of figures which fuelled anxiety that stimulus efforts are failing to strengthen the ailing labour market.

The number of job losses sharply exceeded a consensus forecast among economists of around 187,000 for September, and the figure was significantly worse than a revised figure of 201,000 losses in August.

It was the 21st consecutive monthly drop in jobs, providing a stark reminder that the economic crisis is far from over. The unemployment rate ticked up by a tenth of a percentage point from August’s figure of 9.7%.

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By CaptRon, October 3 at 2:44 pm #

I’m not worried, Bush wanted to privatize Social Security for current & future generations benefits. Can you imagine? The Republican answer. Take the blame GOP, it was your mess without a doubt. Twist it, turn it, no matter what you say. Your party created this mess and the wars, like Bush’s old man created Somalia just before a Dem President took over, then you try to shift the blame to the Dems. This Prez at least has the mental capability to do good things, if he can get past the cleanup after the GOP. Rule of thumb, never follow an elephant, you will need more than a shovel to clean the mess.

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By LostHills, October 3 at 12:05 pm #

All the bailouts and giveaways were a sham and have not fixed anything. The Democratic party cannot lead. Obama is not qualified to be president of the United States. Any blue collar person can tell you this country is in a lot worse trouble than any politician or news reporter can see, and it’s not going to get better.

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By GB, October 3 at 11:26 am #
(Unregistered commenter)

If American companies continue to get huge incentives to run sweat shops in other countries and sell cheap goods back to us there will continue to be fewer and fewer people to sell to. Our economy can’t survive just giving more borrowed money to speculators. We bail out GM and they continue making cars nobody wants. Aren’t we supposed to be the smart ones, the heros of Democracy?

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By CaptRon, October 3 at 1:30 am #

When the “At Will” clause is abolished and employee rights are reformed and re-instated, unemployment can be fixed. Employers have abused this clause, particularly the large corporations, it is one of the main reasons unemployment is high and the economy is slow to recover. Wall Street gets large blame also, but if it is made more difficult to improve a profit margin by reducing the payroll without consequence, why should an employer care? Not the answer, but another direction which can help to repair the economy and healthcare.

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By Bat Guano, October 2 at 11:11 pm #
(Unregistered commenter)

The U6 is close to 17% and probably isn’t near the real number. Check shadowstats.com and click on the alternative data field along the top of the page.

They also show the SGS alternative number that reflects current unemployment reporting methodology adjusted for SGS-estimated “discouraged workers” defined away during the Clinton Administration added to the existing BLS estimates of level U-6 unemployment.

SGS is about 21% and that may the closest we’ll get to the real number which I believe is even higher.

Mark Twain - “There are lies, damned lies and statistics. ... We have the best government that money can buy”

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By Ouroborus, October 2 at 9:36 pm #

When is the last time your government told you the
“truth” about anything? I’m 64 and I’ll be damned if I
can remember.

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By Old Geezer Pilot, October 2 at 7:45 pm #

The recession is over for the “ownership society”.

Wall $treet.

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By samosamo, October 2 at 7:02 pm #

And yet bernanke says the recession is over and who knows better than he that is is or isn’t, besides the almost DOUBLE figures unemployed?

Eternal vigilance out the window, we deserve what we got.

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By katydid, October 2 at 6:20 pm #

The time has come for Obama and the Democratic majority in Congress to dust off FDR’s playbook from our last Depression(we are definately in a Depression) and begin bringing back the banking regulations and The WPA that saved our country from the same destructive situation we are experiencing now.

bojan1 you are a racist asshole.

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By KDelphi, October 2 at 2:46 pm #

The BLS needs to change how they calculate the “unemployment rate” so that they can be more honest.
“The real unemployment rate? Try 15.6%
The official US jobless rate, now 8.5%, excludes millions of people—among them those who have given up on finding work and those forced into working fewer hours than they’d like. (also, those suckered into “private contracting”—that part mine)

By Catherine Holahan
MSN Money
An 8.5% unemployment rate is unmistakably bad. It’s the highest rate since 1983—a year that saw double-digit unemployment, nearly 30 commercial bank failures and more than 15% of Americans living below the poverty line.

But the real national unemployment rate is far worse than the U.S. Department of Labor’s March figure, announced today, shows. That’s because the official rate doesn’t include the 3.7 million-plus people who are reluctantly working only part time because of the poor labor market. And it doesn’t include the workers who have given up scouring want ads for seemingly nonexistent jobs.

When those folks are added to the numbers, the unemployment rate rises to 15.6%. In March 2008, that number was 9.3%”

So, the Dem excuse is, “we’re getting worse more slowly”...

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