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Unemployment Woes Persist

Posted on Jan 8, 2010
Flickr / edEx

While job cuts have slowed, cautious companies are still holding back on hiring as they gauge the strength of the recovery.

After a smidgen of good economic news in November, the U.S. economy unexpectedly shed 85,000 more jobs in December, continuing a nearly two-year trend and keeping the unemployment rate at 10 percent.—JCL


The U.S. unexpectedly lost 85,000 jobs in December, supporting Federal Reserve forecasts that a labor market recovery will take time and making it more likely interest rates will stay near zero for the next six months.

Payrolls fell last month after a revision showed a gain of 4,000 in November, the first in almost two years. The median estimate of economists surveyed by Bloomberg News projected no change in December. The jobless rate held at 10 percent.

Stocks fell on concern the recovery may weaken, and Treasury yields and the dollar slid as traders increased bets the Fed will keep interest rates near a record low for “an extended period.” While job cuts have slowed, companies are holding back on hiring as they gauge the strength of the economic recovery and contend with tight credit.

“There is still a lot of caution about the recovery because of lingering credit-crunch effects,” said Jim O’Sullivan, chief economist at MF Global Inc. in New York, who forecast a payrolls decline of 100,000. “It’s just a matter of time, probably a month or two, before the trend in payrolls turns positive on a sustained basis.”

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By keymanwst, January 9, 2010 at 5:44 pm Link to this comment

It would be nice if truthdig would include mention of the real
unemployment rate in America.  The TRUTH IS unemployment hovers at
about 19% average nationwide with certain cities in the 35 to 40% range
locally.  Would you let your teenage son fill out his own report card in
school?  Well why not?  OK—-that’s why you don’t believe the government
when they publish unemployment figures—or anything else.

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By Blackspeare, January 9, 2010 at 9:36 am Link to this comment

In most of the world’s industrial countries, 10% unemployment is considered the norm——get used to it!

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By dihey, January 9, 2010 at 6:08 am Link to this comment

The cumulative news from our eco-financial world allows only one conclusion namely that the wasteful spending of hundreds of billions of dollars on various wars by the Obama administration is assisting to drive that world further into a recession/depression. There will be soup-lines again in the not too distant future thanks to this so-called community organizer who is destroying communities all over the world, including in our own country only to look “tough on terrorism”.
Soon there will be talks about reducing the rate of increase of the national debt by savings but the Pentagon will be excepted as usual.
Republicans accuse Obama to destroy our country by “socialism”. How ridiculous! Obama is in perfect line with all of the anti-socialist presidents we have had since the “Communist Manifesto” of 1848!

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By Existentialist, January 8, 2010 at 5:01 pm Link to this comment
(Unregistered commenter)

I knew that they’d play the card that unemployment was down last month!  No joke!  Say it isn’t so!

Did they ever think to tell people that it was the holiday season, and I know people personally that were hired as seasonal workers.  The holidays are usually the BEST times for so many businesses.  Don’t mention that though.  The news gets so predictable…

I like your parody Inherent the Wind!

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By G.Anderson, January 8, 2010 at 1:34 pm Link to this comment

Meanwhile, China is making more cars than Detroit…

I guess, those trade agreements are working, NAFTA, CAFTA.. Etc… is there a trade agreement with China…?

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By rwmenser, January 8, 2010 at 1:04 pm Link to this comment

Wow! Unemploymet figures are down!  Probably because there are less people to get rid of.

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By Inherit The Wind, January 8, 2010 at 11:54 am Link to this comment

Aha! We see in this thread that unemployment is still growing, and in the thread below, we see that Portugal has legalized same sex marriage!

THESE TWO THINGS MUST BE CONNECTED!  We can therefore see that same-sex marriage causes unemployment!

(I’m practicing to infiltrate the right-wing-nuts who control a good portion of the House and Senate, and want to get the logic and lingo right.  How’m I doing?)

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